Ethereum (ETH) is 6941184.5× the size of Cardence ($CRDN) by market capitalisation. Their daily returns move loosely together (correlation 0.55 across 188 shared trading days). Both have run at a similar volatility, around 64% annualised.
$CRDNETH
0.55over 188 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 | $CRDN | ETH |
|---|---|---|
| Max drawdown (400d) | -51.3% | -66.5% |
| Risk-adjusted return (90d) | 0.17 | 0.29 |
| Best 30 days (past year) | — | +34.1% |
| Worst 30 days (past year) | — | -44.6% |
Relative strength over 90 days: $CRDN outperformed ETH by 10.1% — measured on the $CRDN/ETH ratio, so it holds regardless of market direction.