Project Mars (DRILL) and Fables (FABLES) compared side by side. Their daily returns move barely together (correlation 0.07 across 20 shared trading days). FABLES has been the more volatile of the two, at 239% annualised against DRILL's 129%.
DRILLFABLES
0.07over 20 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 | DRILL | FABLES |
|---|---|---|
| Max drawdown (400d) | -86.6% | -41.8% |
| Risk-adjusted return (90d) | -0.67 | — |
Relative strength over 90 days: FABLES outperformed DRILL by 17.8% — measured on the DRILL/FABLES ratio, so it holds regardless of market direction.