Chainlink (LINK) is 259657.1× the size of Blockchain Web Services (BWS) by market capitalisation. Their daily returns move closely together (correlation 0.66 across 109 shared trading days). BWS has been the more volatile of the two, at 154% annualised against LINK's 71%.
BWSLINK
0.66over 109 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 | BWS | LINK |
|---|---|---|
| Max drawdown (400d) | -78.0% | -69.2% |
| Risk-adjusted return (90d) | -0.43 | 0.40 |
| Best 30 days (past year) | — | +61.6% |
| Worst 30 days (past year) | — | -43.6% |
Relative strength over 90 days: LINK outperformed BWS by 52.9% — measured on the BWS/LINK ratio, so it holds regardless of market direction.