Canton (CC) is 2465.8× the size of Xelis (XEL) by market capitalisation. Their daily returns move closely together (correlation 0.81 across 35 shared trading days). Both have run at a similar volatility, around 126% annualised.
XELCC
0.81over 35 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 | XEL | CC |
|---|---|---|
| Max drawdown (400d) | -92.1% | -30.6% |
| Risk-adjusted return (90d) | 0.38 | 0.01 |
Relative strength over 90 days: XEL outperformed CC by 134.9% — measured on the XEL/CC ratio, so it holds regardless of market direction.