Bio Protocol (BIO) is 277.5× the size of AthenaDAO (ATH) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.06 across 22 shared trading days). Both have run at a similar volatility, around 144% annualised.
ATHBIO
-0.06over 22 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 | ATH | BIO |
|---|---|---|
| Max drawdown (400d) | -52.2% | -88.7% |
| Risk-adjusted return (90d) | -0.35 | -0.12 |
| Best 30 days (past year) | — | +253.8% |
| Worst 30 days (past year) | — | -52.7% |
Relative strength over 90 days: BIO outperformed ATH by 31.1% — measured on the ATH/BIO ratio, so it holds regardless of market direction.