Collect on Fanable (COLLECT) is 2.7× the size of ThetaDrop (TDROP) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.07 across 31 shared trading days). COLLECT has been the more volatile of the two, at 218% annualised against TDROP's 103%.
TDROPCOLLECT
-0.07over 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 | TDROP | COLLECT |
|---|---|---|
| Max drawdown (400d) | -78.3% | -81.9% |
| Risk-adjusted return (90d) | 0.43 | -0.30 |
Relative strength over 90 days: TDROP outperformed COLLECT by 374.7% — measured on the TDROP/COLLECT ratio, so it holds regardless of market direction.