Maple Finance (SYRUP) is 6.3× the size of BENQI (QI) by market capitalisation. Over the past 1 year, QI is ahead by 1.6 percentage points (QI -59.1% against SYRUP -60.7%). Their daily returns move barely together (correlation 0.29 across 399 shared trading days). QI has been the more volatile of the two, at 164% annualised against SYRUP's 87%.
QISYRUP
0.29over 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 | QI | SYRUP |
|---|---|---|
| Max drawdown (400d) | -87.5% | -74.3% |
| Risk-adjusted return (90d) | 0.17 | 0.00 |
| Best 30 days (past year) | +166.5% | +52.7% |
| Worst 30 days (past year) | -44.8% | -49.6% |
Relative strength over 90 days: QI outperformed SYRUP by 50.1% — measured on the QI/SYRUP ratio, so it holds regardless of market direction.