Canton (CC) is 5947.8× the size of Confidential Layer (CLONE) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.40 across 46 shared trading days). Both have run at a similar volatility, around 119% annualised.
CLONECC
-0.40over 46 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 | CLONE | CC |
|---|---|---|
| Max drawdown (400d) | -87.6% | -30.6% |
| Risk-adjusted return (90d) | 0.14 | 0.04 |
Relative strength over 90 days: CLONE outperformed CC by 13.2% — measured on the CLONE/CC ratio, so it holds regardless of market direction.