Shuffle (SHFL) is 7098.6× the size of DeHive (DHV) by market capitalisation. Their daily returns move barely together (correlation 0.33 across 46 shared trading days). SHFL has been the more volatile of the two, at 171% annualised against DHV's 134%.
DHVSHFL
0.33over 46 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 | DHV | SHFL |
|---|---|---|
| Max drawdown (400d) | -92.2% | -41.4% |
| Risk-adjusted return (90d) | -0.49 | 0.18 |
| Best 30 days (past year) | +92.5% | — |
| Worst 30 days (past year) | -86.4% | — |
Relative strength over 90 days: SHFL outperformed DHV by 89.1% — measured on the DHV/SHFL ratio, so it holds regardless of market direction.