Synapse (SYN) is 1.1× the size of Across Protocol (ACX) by market capitalisation. Over the past 1 year, SYN is ahead by 200.7 percentage points (ACX -62.4% against SYN +138.2%). Their daily returns move barely together (correlation 0.14 across 360 shared trading days). SYN has been the more volatile of the two, at 206% annualised against ACX's 106%.
ACXSYN
0.14over 360 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 | ACX | SYN |
|---|---|---|
| Max drawdown (400d) | -73.4% | -86.0% |
| Risk-adjusted return (90d) | 0.12 | 0.04 |
| Best 30 days (past year) | — | +1149.7% |
| Worst 30 days (past year) | — | -83.1% |
Relative strength over 90 days: ACX outperformed SYN by 104.0% — measured on the ACX/SYN ratio, so it holds regardless of market direction.