BEST vs Backpack

Backpack (BP) is 41.9× the size of BEST (BEST) by market capitalisation. Over the past 30 days, BP is ahead by 48.3 percentage points (BEST +18.2% against BP +66.5%). Their daily returns move very closely together (correlation 0.92 across 31 shared trading days). BP has been the more volatile of the two, at 504% annualised against BEST's 81%.

Correlation: 0.92
Size ratio: 1 : 41.9
Ahead over 30 days: BP

BESTBEST

$0.000653

24h: -0.81%
Market cap: $5.55M
Volume 24h: $1,520
Volatility (ann.): 81%

BackpackBP

$0.929077

24h: +7.91%
Market cap: $232.29M
Volume 24h: $4.63M
Volatility (ann.): 504%

BEST 2.3%Share of the two combined market caps97.7% BP

Performance

BESTBP

7 days-3.76%-5.55%BEST
30 days+18.25%+66.51%BP

Correlation

0.92over 31 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.9290d: 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	BEST	BP
Max drawdown (400d)	-29.8%	-35.1%
Risk-adjusted return (90d)	-0.04	0.27

Relative strength over 90 days: BP outperformed BEST by 56.2% — measured on the BEST/BP ratio, so it holds regardless of market direction.

BEST →Backpack →