The Sandbox (SAND) is 3612.7× the size of Defi Warrior (FIWA) by market capitalisation. Over the past 1 year, FIWA is ahead by 16.3 percentage points (FIWA -57.6% against SAND -73.9%). Their daily returns move barely in opposite directions (correlation -0.05 across 373 shared trading days). FIWA has been the more volatile of the two, at 120% annualised against SAND's 103%.
FIWASAND
-0.05over 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 | SAND |
|---|---|---|
| Max drawdown (400d) | -79.8% | -88.4% |
| Risk-adjusted return (90d) | -0.53 | 0.07 |
| Best 30 days (past year) | +125.9% | +94.1% |
| Worst 30 days (past year) | -74.5% | -48.8% |
Relative strength over 90 days: SAND outperformed FIWA by 77.7% — measured on the FIWA/SAND ratio, so it holds regardless of market direction.