Decentraland (MANA) is 3998.5× the size of Defi Warrior (FIWA) by market capitalisation. Over the past 1 year, FIWA is ahead by 4.9 percentage points (FIWA -57.6% against MANA -62.5%). Their daily returns move barely together (correlation 0.12 across 373 shared trading days). FIWA has been the more volatile of the two, at 120% annualised against MANA's 77%.
FIWAMANA
0.12over 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 | FIWA | MANA |
|---|---|---|
| Max drawdown (400d) | -79.8% | -82.0% |
| Risk-adjusted return (90d) | -0.53 | 0.19 |
| Best 30 days (past year) | +125.9% | +43.6% |
| Worst 30 days (past year) | -74.5% | -42.8% |
Relative strength over 90 days: MANA outperformed FIWA by 80.5% — measured on the FIWA/MANA ratio, so it holds regardless of market direction.