Smooth Love Potion (SLP) is 11.0× the size of Chain Games (CHAIN) by market capitalisation. Their daily returns move barely together (correlation 0.29 across 40 shared trading days). CHAIN has been the more volatile of the two, at 163% annualised against SLP's 85%.
CHAINSLP
0.29over 40 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 | CHAIN | SLP |
|---|---|---|
| Max drawdown (400d) | -40.0% | -72.8% |
| Risk-adjusted return (90d) | -0.24 | -0.10 |
| Best 30 days (past year) | — | +42.9% |
| Worst 30 days (past year) | — | -42.9% |
Relative strength over 90 days: SLP outperformed CHAIN by 24.8% — measured on the CHAIN/SLP ratio, so it holds regardless of market direction.