牛来 (Niu Lai) (牛来) is 6065.0× the size of 牛马打工人 (牛马) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.36 across 22 shared trading days). 牛来 has been the more volatile of the two, at 194% annualised against 牛马's 39%.
牛马牛来
-0.36over 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 | 牛马 | 牛来 |
|---|---|---|
| Max drawdown (400d) | -15.0% | -60.2% |
| Risk-adjusted return (90d) | -0.33 | -0.09 |
Relative strength over 90 days: 牛马 outperformed 牛来 by 33.3% — measured on the 牛马/牛来 ratio, so it holds regardless of market direction.