Legacy Frax Dollar (FRAX) is 203.4× the size of Convertible JPY Token (CJPY) by market capitalisation. Their daily returns move loosely together (correlation 0.41 across 39 shared trading days). FRAX has been the more volatile of the two, at 99% annualised against CJPY's 15%.
CJPYFRAX
0.41over 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 | CJPY | FRAX |
|---|---|---|
| Max drawdown (400d) | -4.2% | -81.3% |
| Risk-adjusted return (90d) | -0.22 | -0.16 |
Relative strength over 90 days: CJPY outperformed FRAX by 17.7% — measured on the CJPY/FRAX ratio, so it holds regardless of market direction.