Atletico Madrid Fan Token (ATM) is 11.8× the size of Portugal National Team Fan Token (POR) by market capitalisation. Their daily returns move barely together (correlation 0.29 across 31 shared trading days). ATM has been the more volatile of the two, at 98% annualised against POR's 33%.
$0.064139
$0.846000
PORATM
0.29over 31 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 | POR | ATM |
|---|---|---|
| Max drawdown (400d) | -10.6% | -69.8% |
| Risk-adjusted return (90d) | -0.17 | -0.70 |
| Best 30 days (past year) | — | +202.1% |
| Worst 30 days (past year) | — | -50.8% |
Relative strength over 90 days: POR outperformed ATM by 3.9% — measured on the POR/ATM ratio, so it holds regardless of market direction.