Backpack vs Cronos

Cronos (CRO) is 11.5× the size of Backpack (BP) by market capitalisation. Over the past 30 days, BP is ahead by 80.8 percentage points (BP +66.5% against CRO -14.2%). Their daily returns move loosely together (correlation 0.55 across 56 shared trading days). BP has been the more volatile of the two, at 504% annualised against CRO's 86%.

Correlation: 0.55
Size ratio: 1 : 11.5
Ahead over 30 days: BP

BackpackBP

$0.902769

24h: +3.32%
Market cap: $225.69M
Volume 24h: $4.97M
Volatility (ann.): 504%

CronosCRO

$0.051229

24h: +2.13%
Market cap: $2.60B
Volume 24h: $5.01M
Volatility (ann.): 86%

BP 8.0%Share of the two combined market caps92.0% CRO

Performance

BPCRO

7 days-5.55%-6.67%BP
30 days+66.51%-14.25%BP

Correlation

0.55over 56 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.7190d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	BP	CRO
Max drawdown (400d)	-35.1%	-28.4%
Risk-adjusted return (90d)	0.27	0.07

Relative strength over 90 days: BP outperformed CRO by 121.2% — measured on the BP/CRO ratio, so it holds regardless of market direction.

Backpack →Cronos →