PHALA (PHA) is 851.5× the size of Darwinia Commitment (KTON) by market capitalisation. Over the past 1 year, PHA is ahead by 61.8 percentage points (KTON -89.9% against PHA -28.1%). Their daily returns move barely together (correlation 0.19 across 373 shared trading days). PHA has been the more volatile of the two, at 148% annualised against KTON's 115%.
KTONPHA
0.19over 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 | KTON | PHA |
|---|---|---|
| Max drawdown (400d) | -92.3% | -81.3% |
| Risk-adjusted return (90d) | -0.47 | 0.35 |
| Best 30 days (past year) | +30.1% | +233.5% |
| Worst 30 days (past year) | -81.7% | -51.3% |
Relative strength over 90 days: PHA outperformed KTON by 87.1% — measured on the KTON/PHA ratio, so it holds regardless of market direction.