Kamino (KMNO) is 345.7× the size of Echelon Token (ELON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.15 across 27 shared trading days). Both have run at a similar volatility, around 102% annualised.
ELONKMNO
-0.15over 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 | ELON | KMNO |
|---|---|---|
| Max drawdown (400d) | -30.2% | -83.3% |
| Risk-adjusted return (90d) | -0.19 | 0.72 |
| Best 30 days (past year) | — | +87.9% |
| Worst 30 days (past year) | — | -54.6% |
Relative strength over 90 days: ELON outperformed KMNO by 11.7% — measured on the ELON/KMNO ratio, so it holds regardless of market direction.