Ethereum (ETH) is 932290.3× the size of Acala (ACA) by market capitalisation. Their daily returns move loosely together (correlation 0.55 across 135 shared trading days). ACA has been the more volatile of the two, at 140% annualised against ETH's 62%.
ACAETH
0.55over 135 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 | ACA | ETH |
|---|---|---|
| Max drawdown (400d) | -91.1% | -66.5% |
| Risk-adjusted return (90d) | -0.55 | 0.36 |
| Best 30 days (past year) | — | +34.1% |
| Worst 30 days (past year) | — | -44.6% |
Relative strength over 90 days: ETH outperformed ACA by 75.2% — measured on the ACA/ETH ratio, so it holds regardless of market direction.