Santos FC Fan Token (SANTOS) is 1.6× the size of Manchester City Fan Token (CITY) by market capitalisation. Over the past 1 year, CITY is ahead by 7.5 percentage points (SANTOS -66.5% against CITY -59.0%). Their daily returns move loosely together (correlation 0.48 across 399 shared trading days). SANTOS has been the more volatile of the two, at 82% annualised against CITY's 61%.
$0.259000
SANTOSCITY
0.48over 399 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 | SANTOS | CITY |
|---|---|---|
| Max drawdown (400d) | -83.8% | -74.3% |
| Risk-adjusted return (90d) | -0.24 | -0.89 |
| Best 30 days (past year) | +66.2% | +44.2% |
| Worst 30 days (past year) | -51.3% | -39.3% |
Relative strength over 90 days: SANTOS outperformed CITY by 21.5% — measured on the SANTOS/CITY ratio, so it holds regardless of market direction.