Chainlink (LINK) is 361.4× the size of Energy Web Token (EWT) by market capitalisation. Their daily returns move closely together (correlation 0.64 across 43 shared trading days). EWT has been the more volatile of the two, at 97% annualised against LINK's 71%.
EWTLINK
0.64over 43 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 | EWT | LINK |
|---|---|---|
| Max drawdown (400d) | -21.1% | -69.2% |
| Risk-adjusted return (90d) | 0.01 | 0.47 |
| Best 30 days (past year) | — | +61.6% |
| Worst 30 days (past year) | — | -43.6% |
Relative strength over 90 days: EWT outperformed LINK by 4.9% — measured on the EWT/LINK ratio, so it holds regardless of market direction.