Gods Unchained (GODS) is 823.9× the size of Utgard (UTG) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.01 across 158 shared trading days). GODS has been the more volatile of the two, at 98% annualised against UTG's 35%.
UTGGODS
-0.01over 158 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 | UTG | GODS |
|---|---|---|
| Max drawdown (400d) | -39.2% | -83.1% |
| Risk-adjusted return (90d) | -0.53 | -0.17 |
| Best 30 days (past year) | — | +25.9% |
| Worst 30 days (past year) | — | -40.3% |
Relative strength over 90 days: GODS outperformed UTG by 12.3% — measured on the UTG/GODS ratio, so it holds regardless of market direction.