Convex Finance (CVX) is 139.9× the size of Eris Amplified Luna (AMPLUNA) by market capitalisation. Their daily returns move barely together (correlation 0.21 across 26 shared trading days). CVX has been the more volatile of the two, at 104% annualised against AMPLUNA's 84%.
AMPLUNACVX
0.21over 26 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 | AMPLUNA | CVX |
|---|---|---|
| Max drawdown (400d) | -9.7% | -71.5% |
| Risk-adjusted return (90d) | 0.22 | 0.26 |
| Best 30 days (past year) | — | +88.3% |
| Worst 30 days (past year) | — | -37.0% |
Relative strength over 90 days: AMPLUNA outperformed CVX by 22.5% — measured on the AMPLUNA/CVX ratio, so it holds regardless of market direction.