Atletico Madrid Fan Token (ATM) is 29.2× the size of Spain (SPAIN) by market capitalisation. Their daily returns move barely together (correlation 0.34 across 31 shared trading days). ATM has been the more volatile of the two, at 98% annualised against SPAIN's 42%.
$0.857000
SPAINATM
0.34over 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 | SPAIN | ATM |
|---|---|---|
| Max drawdown (400d) | -13.8% | -69.8% |
| Risk-adjusted return (90d) | -0.06 | -0.70 |
| Best 30 days (past year) | — | +202.1% |
| Worst 30 days (past year) | — | -50.8% |
Relative strength over 90 days: SPAIN outperformed ATM by 7.5% — measured on the SPAIN/ATM ratio, so it holds regardless of market direction.