牛来 (Niu Lai) (牛来) is 137.0× the size of 老子 (Laozi) (老子) by market capitalisation. Their daily returns move loosely together (correlation 0.39 across 31 shared trading days). 老子 has been the more volatile of the two, at 293% annualised against 牛来's 194%.
老子牛来
0.39over 31 shared trading days
Measured on daily returns rather than on prices. Two assets that both simply trend upward score near 1.0 on raw prices whether or not they move together, so returns are what answer the question people mean by correlation.
| Metric | 老子 | 牛来 |
|---|---|---|
| Max drawdown (400d) | -98.1% | -60.2% |
| Risk-adjusted return (90d) | -0.09 | -0.09 |
Relative strength over 90 days: 牛来 outperformed 老子 by 28.3% — measured on the 老子/牛来 ratio, so it holds regardless of market direction.