AS Roma Fan Token (ASR) is 1.6× the size of Manchester City Fan Token (CITY) by market capitalisation. Over the past 1 year, ASR is ahead by 8.2 percentage points (CITY -59.0% against ASR -50.8%). Their daily returns move loosely together (correlation 0.47 across 399 shared trading days). ASR has been the more volatile of the two, at 80% annualised against CITY's 61%.
$0.262000
CITYASR
0.47over 399 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 | CITY | ASR |
|---|---|---|
| Max drawdown (400d) | -74.3% | -70.2% |
| Risk-adjusted return (90d) | -0.89 | -0.53 |
| Best 30 days (past year) | +44.2% | +53.0% |
| Worst 30 days (past year) | -39.3% | -36.7% |
Relative strength over 90 days: ASR outperformed CITY by 13.2% — measured on the CITY/ASR ratio, so it holds regardless of market direction.