Fake World Assets (FWA) is 24.2× the size of Punk Auction (PAST) by market capitalisation. Their daily returns move barely together (correlation 0.19 across 21 shared trading days). PAST has been the more volatile of the two, at 922% annualised against FWA's 359%.
PASTFWA
0.19over 21 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 | PAST | FWA |
|---|---|---|
| Max drawdown (400d) | -91.7% | -80.2% |
| Risk-adjusted return (90d) | -0.02 | -0.20 |
Relative strength over 90 days: PAST outperformed FWA by 246.0% — measured on the PAST/FWA ratio, so it holds regardless of market direction.