Trabzonspor Fan Token (TRA) and Italian National Football Team Fan Token (ITA) compared side by side. Their daily returns move barely in opposite directions (correlation -0.08 across 29 shared trading days). ITA has been the more volatile of the two, at 801% annualised against TRA's 76%.
$0.045036
TRAITA
-0.08over 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 | TRA | ITA |
|---|---|---|
| Max drawdown (400d) | -59.6% | -67.7% |
| Risk-adjusted return (90d) | 0.24 | 0.00 |
Relative strength over 90 days: ITA outperformed TRA by 14.4% — measured on the TRA/ITA ratio, so it holds regardless of market direction.