Maple Finance (SYRUP) is 1465.5× the size of Carnomaly (CARR) by market capitalisation. Over the past 1 year, SYRUP is ahead by 34.1 percentage points (CARR -91.6% against SYRUP -57.5%). Their daily returns move barely together (correlation 0.05 across 362 shared trading days). CARR has been the more volatile of the two, at 239% annualised against SYRUP's 87%.
CARRSYRUP
0.05over 362 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 | CARR | SYRUP |
|---|---|---|
| Max drawdown (400d) | -94.4% | -74.3% |
| Risk-adjusted return (90d) | -0.24 | 0.04 |
| Best 30 days (past year) | — | +52.7% |
| Worst 30 days (past year) | — | -49.6% |
Relative strength over 90 days: SYRUP outperformed CARR by 80.2% — measured on the CARR/SYRUP ratio, so it holds regardless of market direction.