Filecoin (FIL) is 1747.7× the size of RingDAO (RING) by market capitalisation. Their daily returns move barely together (correlation 0.15 across 32 shared trading days). FIL has been the more volatile of the two, at 125% annualised against RING's 37%.
RINGFIL
0.15over 32 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 | RING | FIL |
|---|---|---|
| Max drawdown (400d) | -23.6% | -81.4% |
| Risk-adjusted return (90d) | -0.61 | 0.19 |
| Best 30 days (past year) | — | +66.2% |
| Worst 30 days (past year) | — | -57.1% |
Relative strength over 90 days: FIL outperformed RING by 9.2% — measured on the RING/FIL ratio, so it holds regardless of market direction.