Kinesis Silver (KAG) is 2.0× the size of Verified Emeralds (VEREM) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.17 across 45 shared trading days). VEREM has been the more volatile of the two, at 1134% annualised against KAG's 200%.
VEREMKAG
-0.17over 45 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 | VEREM | KAG |
|---|---|---|
| Max drawdown (400d) | -99.3% | -36.6% |
| Risk-adjusted return (90d) | 0.46 | -0.12 |
Relative strength over 90 days: VEREM outperformed KAG by 734.6% — measured on the VEREM/KAG ratio, so it holds regardless of market direction.