Cosanta vs Backpack

Backpack (BP) is 111.1× the size of Cosanta (COSA) by market capitalisation. Over the past 30 days, BP is ahead by 138.7 percentage points (COSA -72.2% against BP +66.5%). Their daily returns move barely together (correlation 0.08 across 33 shared trading days). BP has been the more volatile of the two, at 504% annualised against COSA's 188%.

Correlation: 0.08
Size ratio: 1 : 111.1
Ahead over 30 days: BP

CosantaCOSA

$0.556815

24h: +6.51%
Market cap: $2.10M
Volume 24h: $16,308
Volatility (ann.): 188%

BackpackBP

$0.934339

24h: +8.65%
Market cap: $233.61M
Volume 24h: $4.81M
Volatility (ann.): 504%

COSA 0.9%Share of the two combined market caps99.1% BP

Performance

COSABP

7 days-35.74%-5.55%BP
30 days-72.23%+66.51%BP

Correlation

0.08over 33 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.0890d: 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	COSA	BP
Max drawdown (400d)	-76.1%	-35.1%
Risk-adjusted return (90d)	-0.39	0.27

Relative strength over 90 days: BP outperformed COSA by 88.2% — measured on the COSA/BP ratio, so it holds regardless of market direction.

Cosanta →Backpack →