Cowcoin (COW) and Shadow Node (SVPN) compared side by side. Over the past 30 days, SVPN is ahead by 5.7 percentage points (COW -28.3% against SVPN -22.6%). Their daily returns move loosely together (correlation 0.44 across 26 shared trading days). SVPN has been the more volatile of the two, at 72% annualised against COW's 55%.
COWSVPN
0.44over 26 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 | COW | SVPN |
|---|---|---|
| Max drawdown (400d) | -33.3% | -26.5% |
| Risk-adjusted return (90d) | -0.56 | -0.31 |
Relative strength over 90 days: SVPN outperformed COW by 6.6% — measured on the COW/SVPN ratio, so it holds regardless of market direction.