ADAMANT Messenger vs Backpack

Backpack (BP) is 171.0× the size of ADAMANT Messenger (ADM) by market capitalisation. Over the past 30 days, BP is ahead by 73.4 percentage points (ADM -6.9% against BP +66.5%). Their daily returns move barely in opposite directions (correlation -0.01 across 21 shared trading days). Both have run at a similar volatility, around 471% annualised.

Correlation: -0.01
Size ratio: 1 : 171.0
Ahead over 30 days: BP

ADAMANT MessengerADM

$0.011507

24h: +0.01%
Market cap: $1.32M
Volume 24h: $30,187
Volatility (ann.): 438%

BackpackBP

$0.902785

24h: +3.45%
Market cap: $225.70M
Volume 24h: $4.92M
Volatility (ann.): 504%

ADM 0.6%Share of the two combined market caps99.4% BP

Performance

ADMBP

7 days-1.90%-5.55%ADM
30 days-6.88%+66.51%BP

Correlation

-0.01over 21 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	ADM	BP
Max drawdown (400d)	-69.8%	-35.1%
Risk-adjusted return (90d)	-0.02	0.27

Relative strength over 90 days: BP outperformed ADM by 69.6% — measured on the ADM/BP ratio, so it holds regardless of market direction.

ADAMANT Messenger →Backpack →