Defly (DEFLY) and Ethereum (ETH) compared side by side. Their daily returns move closely together (correlation 0.60 across 27 shared trading days). DEFLY has been the more volatile of the two, at 198% annualised against ETH's 62%.
DEFLYETH
0.60over 27 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 | DEFLY | ETH |
|---|---|---|
| Max drawdown (400d) | -65.6% | -66.5% |
| Risk-adjusted return (90d) | -0.31 | 0.36 |
| Best 30 days (past year) | — | +34.1% |
| Worst 30 days (past year) | — | -44.6% |
Relative strength over 90 days: ETH outperformed DEFLY by 55.1% — measured on the DEFLY/ETH ratio, so it holds regardless of market direction.