Filecoin (FIL) is 18643.5× the size of Etarn (ETAN) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.02 across 182 shared trading days). ETAN has been the more volatile of the two, at 166% annualised against FIL's 125%.
ETANFIL
-0.02over 182 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 | ETAN | FIL |
|---|---|---|
| Max drawdown (400d) | -96.0% | -81.4% |
| Risk-adjusted return (90d) | -0.01 | 0.23 |
| Best 30 days (past year) | — | +66.2% |
| Worst 30 days (past year) | — | -57.1% |
Relative strength over 90 days: FIL outperformed ETAN by 24.8% — measured on the ETAN/FIL ratio, so it holds regardless of market direction.