Atletico Madrid Fan Token (ATM) is 171.3× the size of Sao Paulo FC Fan Token (SPFC) by market capitalisation. Their daily returns move barely together (correlation 0.11 across 31 shared trading days). SPFC has been the more volatile of the two, at 356% annualised against ATM's 99%.
$0.786000
SPFCATM
0.11over 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 | SPFC | ATM |
|---|---|---|
| Max drawdown (400d) | -30.6% | -73.2% |
| Risk-adjusted return (90d) | 0.05 | -0.77 |
| Best 30 days (past year) | — | +202.1% |
| Worst 30 days (past year) | — | -50.8% |
Relative strength over 90 days: SPFC outperformed ATM by 32.8% — measured on the SPFC/ATM ratio, so it holds regardless of market direction.