Ethereum (ETH) is 1220092.4× the size of CoinbarPay (CBPAY) by market capitalisation. Their daily returns move very closely together (correlation 0.88 across 188 shared trading days). Both have run at a similar volatility, around 63% annualised.
CBPAYETH
0.88over 188 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 | CBPAY | ETH |
|---|---|---|
| Max drawdown (400d) | -47.9% | -66.5% |
| Risk-adjusted return (90d) | -0.22 | 0.50 |
| Best 30 days (past year) | — | +34.1% |
| Worst 30 days (past year) | — | -44.6% |
Relative strength over 90 days: ETH outperformed CBPAY by 22.3% — measured on the CBPAY/ETH ratio, so it holds regardless of market direction.