Synthetix (SNX) is 8.6× the size of Aquarius (AQUA) by market capitalisation. Their daily returns move loosely together (correlation 0.57 across 31 shared trading days). SNX has been the more volatile of the two, at 123% annualised against AQUA's 63%.
AQUASNX
0.57over 31 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 | AQUA | SNX |
|---|---|---|
| Max drawdown (400d) | -8.6% | -92.3% |
| Risk-adjusted return (90d) | 0.07 | -0.26 |
| Best 30 days (past year) | — | +26.6% |
| Worst 30 days (past year) | — | -47.8% |
Relative strength over 90 days: SNX outperformed AQUA by 11.5% — measured on the AQUA/SNX ratio, so it holds regardless of market direction.