Contango vs Derive

Derive (DRV) is 179.0× the size of Contango (TANGO) by market capitalisation. Over the past 30 days, TANGO is ahead by 48.9 percentage points (TANGO +162.8% against DRV +113.9%). Their daily returns move barely in opposite directions (correlation -0.07 across 21 shared trading days). DRV has been the more volatile of the two, at 596% annualised against TANGO's 476%.

Correlation: -0.07
Size ratio: 1 : 179.0
Ahead over 30 days: TANGO

ContangoTANGO

$0.004443

24h: +5.52%
Market cap: $2.03M
Volume 24h: $1,008
Volatility (ann.): 476%

DeriveDRV

$0.341647

24h: +12.28%
Market cap: $362.92M
Volume 24h: $7.05M
Volatility (ann.): 596%

TANGO 0.6%Share of the two combined market caps99.4% DRV

Performance

TANGODRV

7 days+67.14%-12.47%TANGO
30 days+162.80%+113.87%TANGO

Correlation

-0.07over 21 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	TANGO	DRV
Max drawdown (400d)	-33.1%	-32.6%
Risk-adjusted return (90d)	0.34	0.40

Relative strength over 90 days: TANGO outperformed DRV by 21.6% — measured on the TANGO/DRV ratio, so it holds regardless of market direction.

Contango →Derive →