Ethereum (ETH) is 246098.8× the size of AIRian (AIR) by market capitalisation. Over the past 1 year, ETH is ahead by 46.3 percentage points (AIR -72.5% against ETH -26.2%). Their daily returns move barely together (correlation 0.02 across 364 shared trading days). AIR has been the more volatile of the two, at 219% annualised against ETH's 62%.
AIRETH
0.02over 364 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 | AIR | ETH |
|---|---|---|
| Max drawdown (400d) | -85.3% | -66.5% |
| Risk-adjusted return (90d) | -0.31 | 0.50 |
| Best 30 days (past year) | — | +34.1% |
| Worst 30 days (past year) | — | -44.6% |
Relative strength over 90 days: ETH outperformed AIR by 81.3% — measured on the AIR/ETH ratio, so it holds regardless of market direction.