Covalent X Token vs EigenCloud (prev. EigenLayer)

EigenCloud (prev. EigenLayer) (EIGEN) is 141.6× the size of Covalent X Token (CXT) by market capitalisation. Over the past 1 year, EIGEN is ahead by 17.2 percentage points (CXT -93.5% against EIGEN -76.4%). Their daily returns move barely together (correlation 0.06 across 373 shared trading days). CXT has been the more volatile of the two, at 299% annualised against EIGEN's 109%.

Correlation: 0.06
Size ratio: 1 : 141.6
Ahead over 1 year: EIGEN

Covalent X TokenCXT

$0.001394

24h: +0.40%
Market cap: $1.35M
Volume 24h: $1,112
Volatility (ann.): 299%

EigenCloud (prev. EigenLayer)EIGEN

$0.188800

24h: +4.50%
Market cap: $191.84M
Volume 24h: $13.21M
Volatility (ann.): 109%

CXT 0.7%Share of the two combined market caps99.3% EIGEN

Performance

CXTEIGEN

7 days-7.56%-9.43%CXT
30 days-6.78%-30.80%CXT
90 days-64.59%-2.34%EIGEN
1 year-93.53%-76.38%EIGEN

Correlation

0.06over 373 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.3690d: 0.031y: 0.06

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	CXT	EIGEN
Max drawdown (400d)	-94.5%	-92.3%
Risk-adjusted return (90d)	-0.24	-0.02
Best 30 days (past year)	+139.2%	+46.0%
Worst 30 days (past year)	-67.3%	-55.2%

Relative strength over 90 days: EIGEN outperformed CXT by 53.2% — measured on the CXT/EIGEN ratio, so it holds regardless of market direction.

Covalent X Token →EigenCloud (prev. EigenLayer) →