USD.AI (CHIP) is 390.9× the size of Bucket Token (BUT) by market capitalisation. Their daily returns move barely together (correlation 0.23 across 30 shared trading days). CHIP has been the more volatile of the two, at 180% annualised against BUT's 76%.
BUTCHIP
0.23over 30 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 | BUT | CHIP |
|---|---|---|
| Max drawdown (400d) | -33.6% | -80.8% |
| Risk-adjusted return (90d) | -0.44 | 0.41 |
Relative strength over 90 days: CHIP outperformed BUT by 34.4% — measured on the BUT/CHIP ratio, so it holds regardless of market direction.