Internet Computer (ICP) is 1073.1× the size of Covalent X Token (CXT) by market capitalisation. Over the past 1 year, ICP is ahead by 57.1 percentage points (CXT -93.5% against ICP -36.5%). 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 ICP's 108%.
CXTICP
0.06over 373 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 | CXT | ICP |
|---|---|---|
| Max drawdown (400d) | -94.5% | -77.4% |
| Risk-adjusted return (90d) | -0.24 | 0.25 |
| Best 30 days (past year) | +139.2% | +49.6% |
| Worst 30 days (past year) | -67.3% | -62.1% |
Relative strength over 90 days: ICP outperformed CXT by 67.4% — measured on the CXT/ICP ratio, so it holds regardless of market direction.