Plasma (XPL) is 19.2× the size of Banana Gun (BANANA) by market capitalisation. Over the past 1 year, BANANA is ahead by 6.5 percentage points (BANANA -70.5% against XPL -77.0%). Their daily returns move loosely together (correlation 0.49 across 399 shared trading days). XPL has been the more volatile of the two, at 135% annualised against BANANA's 90%.
BANANAXPL
0.49over 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 | BANANA | XPL |
|---|---|---|
| Max drawdown (400d) | -87.0% | -94.1% |
| Risk-adjusted return (90d) | -0.19 | -0.15 |
| Best 30 days (past year) | +43.1% | +66.7% |
| Worst 30 days (past year) | -47.4% | -62.3% |
Relative strength over 90 days: BANANA outperformed XPL by 7.1% — measured on the BANANA/XPL ratio, so it holds regardless of market direction.