Atletico Madrid Fan Token (ATM) is 58.8× the size of Scotland Fan Token (SFA) by market capitalisation. Their daily returns move barely together (correlation 0.20 across 31 shared trading days). ATM has been the more volatile of the two, at 98% annualised against SFA's 52%.
$0.801000
SFAATM
0.20over 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 | SFA | ATM |
|---|---|---|
| Max drawdown (400d) | -27.4% | -70.3% |
| Risk-adjusted return (90d) | -0.48 | -0.72 |
| Best 30 days (past year) | — | +202.1% |
| Worst 30 days (past year) | — | -50.8% |
Relative strength over 90 days: ATM outperformed SFA by 13.9% — measured on the SFA/ATM ratio, so it holds regardless of market direction.