Pyth Network (PYTH) is 26.2× the size of Bonfida (FIDA) by market capitalisation. Over the past 1 year, PYTH is ahead by 39.8 percentage points (FIDA -66.9% against PYTH -27.1%). Their daily returns move loosely together (correlation 0.45 across 399 shared trading days). FIDA has been the more volatile of the two, at 125% annualised against PYTH's 98%.
FIDAPYTH
0.45over 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 | FIDA | PYTH |
|---|---|---|
| Max drawdown (400d) | -85.4% | -81.1% |
| Risk-adjusted return (90d) | -0.19 | 0.78 |
| Best 30 days (past year) | +147.3% | +76.8% |
| Worst 30 days (past year) | -53.4% | -46.7% |
Relative strength over 90 days: PYTH outperformed FIDA by 49.4% — measured on the FIDA/PYTH ratio, so it holds regardless of market direction.