Portal (PORTAL) is 13.8× the size of Tevaera (TEVA) by market capitalisation. Over the past 1 year, PORTAL is ahead by 39.7 percentage points (TEVA -77.4% against PORTAL -37.7%). Their daily returns move barely in opposite directions (correlation -0.02 across 373 shared trading days). Both have run at a similar volatility, around 226% annualised.
TEVAPORTAL
-0.02over 373 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 | TEVA | PORTAL |
|---|---|---|
| Max drawdown (400d) | -93.2% | -80.9% |
| Risk-adjusted return (90d) | 0.31 | 0.12 |
| Best 30 days (past year) | +182.3% | +187.4% |
| Worst 30 days (past year) | -63.4% | -61.9% |
Relative strength over 90 days: TEVA outperformed PORTAL by 37.6% — measured on the TEVA/PORTAL ratio, so it holds regardless of market direction.