Unipoly (UNP) is 3.2× the size of Portal (PORTAL) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.20 across 53 shared trading days). PORTAL has been the more volatile of the two, at 215% annualised against UNP's 175%.
PORTALUNP
-0.20over 53 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 | PORTAL | UNP |
|---|---|---|
| Max drawdown (400d) | -80.9% | -26.8% |
| Risk-adjusted return (90d) | 0.12 | 0.44 |
| Best 30 days (past year) | +187.4% | — |
| Worst 30 days (past year) | -61.9% | — |
Relative strength over 90 days: UNP outperformed PORTAL by 33.4% — measured on the PORTAL/UNP ratio, so it holds regardless of market direction.