Canton (CC) is 2044.5× the size of Aleph Zero (AZERO) by market capitalisation. Their daily returns move loosely together (correlation 0.49 across 35 shared trading days). AZERO has been the more volatile of the two, at 229% annualised against CC's 126%.
AZEROCC
0.49over 35 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 | AZERO | CC |
|---|---|---|
| Max drawdown (400d) | -82.4% | -30.6% |
| Risk-adjusted return (90d) | 0.61 | 0.01 |
Relative strength over 90 days: CC outperformed AZERO by 15.7% — measured on the AZERO/CC ratio, so it holds regardless of market direction.