Gnosis (GNO) is 24.2× the size of CoinEx (CET) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.09 across 31 shared trading days). CET has been the more volatile of the two, at 102% annualised against GNO's 58%.
CETGNO
-0.09over 31 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 | CET | GNO |
|---|---|---|
| Max drawdown (400d) | -64.2% | -42.5% |
| Risk-adjusted return (90d) | -0.58 | 0.03 |
| Best 30 days (past year) | — | +29.3% |
| Worst 30 days (past year) | — | -32.7% |
Relative strength over 90 days: GNO outperformed CET by 60.3% — measured on the CET/GNO ratio, so it holds regardless of market direction.