ApeCoin (APE) is 3.9× the size of Audius (AUDIO) by market capitalisation. Over the past 1 year, AUDIO is ahead by 6.3 percentage points (AUDIO -63.5% against APE -69.8%). Their daily returns move loosely together (correlation 0.36 across 399 shared trading days). APE has been the more volatile of the two, at 117% annualised against AUDIO's 79%.
AUDIOAPE
0.36over 399 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 | AUDIO | APE |
|---|---|---|
| Max drawdown (400d) | -79.4% | -85.7% |
| Risk-adjusted return (90d) | 0.12 | -0.24 |
| Best 30 days (past year) | +34.6% | +113.9% |
| Worst 30 days (past year) | -37.2% | -47.6% |
Relative strength over 90 days: AUDIO outperformed APE by 30.8% — measured on the AUDIO/APE ratio, so it holds regardless of market direction.