Immutable (IMX) is 3027.7× the size of Defi Warrior (FIWA) by market capitalisation. Over the past 1 year, FIWA is ahead by 13.5 percentage points (FIWA -57.6% against IMX -71.2%). Their daily returns move barely together (correlation 0.18 across 373 shared trading days). FIWA has been the more volatile of the two, at 120% annualised against IMX's 90%.
FIWAIMX
0.18over 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 | IMX |
|---|---|---|
| Max drawdown (400d) | -79.8% | -87.2% |
| Risk-adjusted return (90d) | -0.53 | 0.13 |
| Best 30 days (past year) | +125.9% | +67.7% |
| Worst 30 days (past year) | -74.5% | -50.4% |
Relative strength over 90 days: IMX outperformed FIWA by 77.7% — measured on the FIWA/IMX ratio, so it holds regardless of market direction.