Fables (FABLES) is 13.9× the size of Mossvale (MOSS) by market capitalisation. Their daily returns move barely together (correlation 0.21 across 20 shared trading days). MOSS has been the more volatile of the two, at 372% annualised against FABLES's 239%.
MOSSFABLES
0.21over 20 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 | MOSS | FABLES |
|---|---|---|
| Max drawdown (400d) | -75.5% | -41.8% |
| Risk-adjusted return (90d) | -0.16 | — |
Relative strength over 90 days: FABLES outperformed MOSS by 36.0% — measured on the MOSS/FABLES ratio, so it holds regardless of market direction.