Plasma (XPL) is 362.1× the size of ClawBank ($CLAWBANK) by market capitalisation. Their daily returns move barely together (correlation 0.04 across 39 shared trading days). $CLAWBANK has been the more volatile of the two, at 243% annualised against XPL's 135%.
$CLAWBANKXPL
0.04over 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 | $CLAWBANK | XPL |
|---|---|---|
| Max drawdown (400d) | -63.3% | -94.1% |
| Risk-adjusted return (90d) | -0.13 | -0.15 |
| Best 30 days (past year) | — | +66.7% |
| Worst 30 days (past year) | — | -62.3% |
Relative strength over 90 days: XPL outperformed $CLAWBANK by 10.1% — measured on the $CLAWBANK/XPL ratio, so it holds regardless of market direction.