Tottenham Hotspur FC Fan Token (SPURS) and Italian National Football Team Fan Token (ITA) compared side by side. Their daily returns move barely together (correlation 0.10 across 29 shared trading days). ITA has been the more volatile of the two, at 801% annualised against SPURS's 58%.
$0.040809
$0.045036
SPURSITA
0.10over 29 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 | ITA |
|---|---|---|
| Max drawdown (400d) | -87.7% | -67.7% |
| Risk-adjusted return (90d) | -0.62 | 0.00 |
Relative strength over 90 days: ITA outperformed SPURS by 21.1% — measured on the SPURS/ITA ratio, so it holds regardless of market direction.