Fake World Assets (FWA) is 28.8× the size of SquiggleStrategy (SQUIGSTR) by market capitalisation. Their daily returns move closely together (correlation 0.66 across 22 shared trading days). FWA has been the more volatile of the two, at 359% annualised against SQUIGSTR's 127%.
SQUIGSTRFWA
0.66over 22 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 | SQUIGSTR | FWA |
|---|---|---|
| Max drawdown (400d) | -95.0% | -80.2% |
| Risk-adjusted return (90d) | -0.50 | -0.20 |
Relative strength over 90 days: SQUIGSTR outperformed FWA by 204.0% — measured on the SQUIGSTR/FWA ratio, so it holds regardless of market direction.