牛来 (Niu Lai) (牛来) is 6363.0× the size of 小蚂蚁 (Little Ant) (小蚂蚁) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.57 across 20 shared trading days). 牛来 has been the more volatile of the two, at 194% annualised against 小蚂蚁's 37%.
小蚂蚁牛来
-0.57over 20 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 | 小蚂蚁 | 牛来 |
|---|---|---|
| Max drawdown (400d) | -14.7% | -60.2% |
| Risk-adjusted return (90d) | — | -0.09 |
Relative strength over 90 days: 小蚂蚁 outperformed 牛来 by 28.8% — measured on the 小蚂蚁/牛来 ratio, so it holds regardless of market direction.