Ethereum (ETH) is 507528.3× the size of Ternoa (CAPS) by market capitalisation. Their daily returns move barely together (correlation 0.31 across 39 shared trading days). CAPS has been the more volatile of the two, at 144% annualised against ETH's 62%.
CAPSETH
0.31over 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 | CAPS | ETH |
|---|---|---|
| Max drawdown (400d) | -49.5% | -66.5% |
| Risk-adjusted return (90d) | -0.21 | 0.36 |
| Best 30 days (past year) | — | +34.1% |
| Worst 30 days (past year) | — | -44.6% |
Relative strength over 90 days: ETH outperformed CAPS by 24.9% — measured on the CAPS/ETH ratio, so it holds regardless of market direction.