ConstitutionDAO (PEOPLE) is 687.7× the size of The America Party (TAP) by market capitalisation. Their daily returns move barely together (correlation 0.31 across 192 shared trading days). TAP has been the more volatile of the two, at 131% annualised against PEOPLE's 105%.
TAPPEOPLE
0.31over 192 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 | TAP | PEOPLE |
|---|---|---|
| Max drawdown (400d) | -60.5% | -72.8% |
| Risk-adjusted return (90d) | -0.13 | -0.14 |
| Best 30 days (past year) | — | +113.5% |
| Worst 30 days (past year) | — | -45.4% |
Relative strength over 90 days: PEOPLE outperformed TAP by 6.2% — measured on the TAP/PEOPLE ratio, so it holds regardless of market direction.