Raydium (RAY) is 37833.4× the size of Bao Finance (BAO) by market capitalisation. Their daily returns move loosely together (correlation 0.37 across 29 shared trading days). RAY has been the more volatile of the two, at 104% annualised against BAO's 50%.
BAORAY
0.37over 29 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 | BAO | RAY |
|---|---|---|
| Max drawdown (400d) | -15.4% | -81.7% |
| Risk-adjusted return (90d) | -0.18 | 1.30 |
| Best 30 days (past year) | — | +170.6% |
| Worst 30 days (past year) | — | -54.0% |
Relative strength over 90 days: BAO outperformed RAY by 9.9% — measured on the BAO/RAY ratio, so it holds regardless of market direction.