Tensor (TNSR) is 1616.8× the size of WATCHDOGS (WATCH) by market capitalisation. Their daily returns move barely together (correlation 0.04 across 26 shared trading days). TNSR has been the more volatile of the two, at 282% annualised against WATCH's 64%.
WATCHTNSR
0.04over 26 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 | WATCH | TNSR |
|---|---|---|
| Max drawdown (400d) | -42.7% | -90.0% |
| Risk-adjusted return (90d) | -0.67 | -0.30 |
| Best 30 days (past year) | — | +153.5% |
| Worst 30 days (past year) | — | -65.5% |
Relative strength over 90 days: TNSR outperformed WATCH by 15.4% — measured on the WATCH/TNSR ratio, so it holds regardless of market direction.