Backpack vs LEO Token

LEO Token (LEO) is 38.0× the size of Backpack (BP) by market capitalisation. Over the past 30 days, BP is ahead by 64.4 percentage points (BP +66.5% against LEO +2.1%). Their daily returns move barely in opposite directions (correlation -0.20 across 56 shared trading days). BP has been the more volatile of the two, at 504% annualised against LEO's 21%.

Correlation: -0.20
Size ratio: 1 : 38.0
Ahead over 30 days: BP

BackpackBP

$0.902769

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

LEO TokenLEO

$9.3200

24h: +0.46%
Market cap: $8.57B
Volume 24h: $115,470
Volatility (ann.): 21%

BP 2.6%Share of the two combined market caps97.4% LEO

Performance

BPLEO

7 days-5.55%+2.76%LEO
30 days+66.51%+2.09%BP

Correlation

-0.20over 56 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.3390d: 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	LEO
Max drawdown (400d)	-35.1%	-8.8%
Risk-adjusted return (90d)	0.27	-0.02

Relative strength over 90 days: BP outperformed LEO by 139.5% — measured on the BP/LEO ratio, so it holds regardless of market direction.

Backpack →LEO Token →