Avalanche (AVAX) is 1.1× the size of Canton (CC) by market capitalisation. Their daily returns move closely together (correlation 0.80 across 64 shared trading days). CC has been the more volatile of the two, at 120% annualised against AVAX's 77%.
AVAXCC
0.80over 64 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 | AVAX | CC |
|---|---|---|
| Max drawdown (400d) | -79.5% | -33.1% |
| Risk-adjusted return (90d) | 0.43 | -0.03 |
| Best 30 days (past year) | +60.8% | — |
| Worst 30 days (past year) | -43.0% | — |
Relative strength over 90 days: AVAX outperformed CC by 42.2% — measured on the AVAX/CC ratio, so it holds regardless of market direction.