Momentum (MMT) is 2.0× the size of Peoples Reserve (PRN) by market capitalisation. Their daily returns move closely together (correlation 0.62 across 51 shared trading days). Both have run at a similar volatility, around 148% annualised.
PRNMMT
0.62over 51 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 | PRN | MMT |
|---|---|---|
| Max drawdown (400d) | -67.7% | -96.1% |
| Risk-adjusted return (90d) | -0.42 | -0.26 |
Relative strength over 90 days: MMT outperformed PRN by 50.3% — measured on the PRN/MMT ratio, so it holds regardless of market direction.