Croatian Football Federation Token (VATRENI) is 38.6× the size of Tottenham Hotspur FC Fan Token (SPURS) by market capitalisation. Their daily returns move barely together (correlation 0.33 across 33 shared trading days). VATRENI has been the more volatile of the two, at 73% annualised against SPURS's 58%.
$0.040809
$1.3000
SPURSVATRENI
0.33over 33 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 | SPURS | VATRENI |
|---|---|---|
| Max drawdown (400d) | -87.7% | -25.7% |
| Risk-adjusted return (90d) | -0.62 | -0.23 |
Relative strength over 90 days: VATRENI outperformed SPURS by 20.0% — measured on the SPURS/VATRENI ratio, so it holds regardless of market direction.