Jackpotter ($JPT) is 424480.7× the size of Steel (STEEL) by market capitalisation. Their daily returns move barely together (correlation 0.07 across 21 shared trading days). STEEL has been the more volatile of the two, at 1967% annualised against $JPT's 89%.
STEEL$JPT
0.07over 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 | STEEL | $JPT |
|---|---|---|
| Max drawdown (400d) | -83.8% | -46.5% |
| Risk-adjusted return (90d) | -0.01 | -0.47 |
Relative strength over 90 days: STEEL outperformed $JPT by 41.0% — measured on the STEEL/$JPT ratio, so it holds regardless of market direction.