Handshake (HNS) is 3.6× the size of Cronos ID (CROID) by market capitalisation. Their daily returns move barely together (correlation 0.04 across 29 shared trading days). HNS has been the more volatile of the two, at 212% annualised against CROID's 151%.
CROIDHNS
0.04over 29 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 | CROID | HNS |
|---|---|---|
| Max drawdown (400d) | -44.5% | -80.7% |
| Risk-adjusted return (90d) | -0.08 | 0.19 |
Relative strength over 90 days: CROID outperformed HNS by 3.5% — measured on the CROID/HNS ratio, so it holds regardless of market direction.