Venice Token (VVV) is 55505.2× the size of Shogun (SHOGUN) by market capitalisation. Their daily returns move barely together (correlation 0.30 across 21 shared trading days). VVV has been the more volatile of the two, at 169% annualised against SHOGUN's 109%.
SHOGUNVVV
0.30over 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 | SHOGUN | VVV |
|---|---|---|
| Max drawdown (400d) | -87.7% | -29.6% |
| Risk-adjusted return (90d) | -0.27 | 0.50 |
Relative strength over 90 days: VVV outperformed SHOGUN by 38.2% — measured on the SHOGUN/VVV ratio, so it holds regardless of market direction.