Shentu (CTK) is 48.4× the size of Cipher (CIPHER) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.16 across 39 shared trading days). CIPHER has been the more volatile of the two, at 133% annualised against CTK's 68%.
CIPHERCTK
-0.16over 39 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 | CIPHER | CTK |
|---|---|---|
| Max drawdown (400d) | -27.7% | -77.5% |
| Risk-adjusted return (90d) | 0.15 | -0.12 |
| Best 30 days (past year) | — | +29.5% |
| Worst 30 days (past year) | — | -38.9% |
Relative strength over 90 days: CIPHER outperformed CTK by 48.9% — measured on the CIPHER/CTK ratio, so it holds regardless of market direction.