Ether.fi (ETHFI) is 123.2× the size of Cygnus (CGN) by market capitalisation. Over the past 1 year, ETHFI is ahead by 58.4 percentage points (CGN -91.3% against ETHFI -32.9%). Their daily returns move barely together (correlation 0.04 across 351 shared trading days). Both have run at a similar volatility, around 103% annualised.
CGNETHFI
0.04over 351 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 | CGN | ETHFI |
|---|---|---|
| Max drawdown (400d) | -92.2% | -84.3% |
| Risk-adjusted return (90d) | -0.30 | 0.54 |
| Best 30 days (past year) | — | +78.6% |
| Worst 30 days (past year) | — | -46.6% |
Relative strength over 90 days: ETHFI outperformed CGN by 37.5% — measured on the CGN/ETHFI ratio, so it holds regardless of market direction.