Gnosis (GNO) is 16.2× the size of Core (CORE) by market capitalisation. Their daily returns move closely together (correlation 0.67 across 44 shared trading days). CORE has been the more volatile of the two, at 87% annualised against GNO's 58%.
COREGNO
0.67over 44 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 | CORE | GNO |
|---|---|---|
| Max drawdown (400d) | -36.2% | -42.5% |
| Risk-adjusted return (90d) | -0.38 | 0.03 |
| Best 30 days (past year) | — | +29.3% |
| Worst 30 days (past year) | — | -32.7% |
Relative strength over 90 days: GNO outperformed CORE by 23.6% — measured on the CORE/GNO ratio, so it holds regardless of market direction.