Illuvium (ILV) is 333.5× the size of Nifty League (NFTL) by market capitalisation. Their daily returns move loosely together (correlation 0.43 across 123 shared trading days). NFTL has been the more volatile of the two, at 104% annualised against ILV's 88%.
NFTLILV
0.43over 123 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 | NFTL | ILV |
|---|---|---|
| Max drawdown (400d) | -74.3% | -83.2% |
| Risk-adjusted return (90d) | -0.46 | 0.05 |
| Best 30 days (past year) | — | +45.3% |
| Worst 30 days (past year) | — | -44.4% |
Relative strength over 90 days: NFTL outperformed ILV by 21.1% — measured on the NFTL/ILV ratio, so it holds regardless of market direction.