OriginTrail (TRAC) is 755.1× the size of Media Licensing Token (MLT) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.11 across 37 shared trading days). MLT has been the more volatile of the two, at 207% annualised against TRAC's 104%.
MLTTRAC
-0.11over 37 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 | MLT | TRAC |
|---|---|---|
| Max drawdown (400d) | -98.2% | -22.2% |
| Risk-adjusted return (90d) | 0.62 | 0.33 |
Relative strength over 90 days: TRAC outperformed MLT by 17.3% — measured on the MLT/TRAC ratio, so it holds regardless of market direction.