Maple Finance (SYRUP) is 5.0× the size of Centrifuge (CFG) by market capitalisation. Their daily returns move barely together (correlation 0.26 across 233 shared trading days). CFG has been the more volatile of the two, at 105% annualised against SYRUP's 87%.
CFGSYRUP
0.26over 233 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 | CFG | SYRUP |
|---|---|---|
| Max drawdown (400d) | -70.4% | -74.3% |
| Risk-adjusted return (90d) | -0.47 | 0.00 |
| Best 30 days (past year) | — | +52.7% |
| Worst 30 days (past year) | — | -49.6% |
Relative strength over 90 days: SYRUP outperformed CFG by 44.6% — measured on the CFG/SYRUP ratio, so it holds regardless of market direction.