BNB Attestation Service (BAS) is 7.4× the size of Treehouse (TREE) by market capitalisation. Their daily returns move loosely together (correlation 0.43 across 45 shared trading days). Both have run at a similar volatility, around 97% annualised.
BASTREE
0.43over 45 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 | BAS | TREE |
|---|---|---|
| Max drawdown (400d) | -47.0% | -43.8% |
| Risk-adjusted return (90d) | -0.45 | -0.21 |
Relative strength over 90 days: TREE outperformed BAS by 37.2% — measured on the BAS/TREE ratio, so it holds regardless of market direction.