Meridian Capital (MCD) and Fables (FABLES) compared side by side. Their daily returns move barely together (correlation 0.06 across 22 shared trading days). Both have run at a similar volatility, around 241% annualised.
MCDFABLES
0.06over 22 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 | MCD | FABLES |
|---|---|---|
| Max drawdown (400d) | -84.5% | -56.8% |
| Risk-adjusted return (90d) | -0.35 | -0.19 |
Relative strength over 90 days: MCD outperformed FABLES by 34.8% — measured on the MCD/FABLES ratio, so it holds regardless of market direction.