NEAR Protocol (NEAR) is 3509.7× the size of 0x0 (0X0) by market capitalisation. Their daily returns move barely together (correlation 0.32 across 40 shared trading days). NEAR has been the more volatile of the two, at 108% annualised against 0X0's 66%.
0X0NEAR
0.32over 40 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 | 0X0 | NEAR |
|---|---|---|
| Max drawdown (400d) | -23.9% | -68.7% |
| Risk-adjusted return (90d) | -0.29 | 0.98 |
| Best 30 days (past year) | — | +195.3% |
| Worst 30 days (past year) | — | -48.1% |
Relative strength over 90 days: NEAR outperformed 0X0 by 61.7% — measured on the 0X0/NEAR ratio, so it holds regardless of market direction.