TollPay (TOLL) and UBI (UBI) compared side by side. Their daily returns move loosely in opposite directions (correlation -0.35 across 23 shared trading days). UBI has been the more volatile of the two, at 324% annualised against TOLL's 128%.
TOLLUBI
-0.35over 23 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 | TOLL | UBI |
|---|---|---|
| Max drawdown (400d) | -39.4% | -81.0% |
| Risk-adjusted return (90d) | -0.29 | -0.23 |
Relative strength over 90 days: TOLL outperformed UBI by 54.8% — measured on the TOLL/UBI ratio, so it holds regardless of market direction.