NEAR Protocol (NEAR) is 8963.6× the size of Cypher Tempre (CPHY) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.05 across 39 shared trading days). CPHY has been the more volatile of the two, at 165% annualised against NEAR's 108%.
CPHYNEAR
-0.05over 39 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 | CPHY | NEAR |
|---|---|---|
| Max drawdown (400d) | -55.8% | -68.7% |
| Risk-adjusted return (90d) | -0.33 | 0.98 |
| Best 30 days (past year) | — | +195.3% |
| Worst 30 days (past year) | — | -48.1% |
Relative strength over 90 days: NEAR outperformed CPHY by 76.9% — measured on the CPHY/NEAR ratio, so it holds regardless of market direction.