Galatasaray Fan Token (GAL) is 4.0× the size of Trabzonspor Fan Token (TRA) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.11 across 31 shared trading days). TRA has been the more volatile of the two, at 76% annualised against GAL's 18%.
TRAGAL
-0.11over 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 | TRA | GAL |
|---|---|---|
| Max drawdown (400d) | -59.6% | -14.7% |
| Risk-adjusted return (90d) | 0.24 | -0.82 |
Relative strength over 90 days: TRA outperformed GAL by 10.3% — measured on the TRA/GAL ratio, so it holds regardless of market direction.