Synthetix (SNX) is 59.5× the size of Index Coop - ETH 2x Flexible Leverage Index (ETH2X-FLI) by market capitalisation. Their daily returns move closely together (correlation 0.74 across 40 shared trading days). Both have run at a similar volatility, around 117% annualised.
$3.0700
ETH2X-FLISNX
0.74over 40 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 | ETH2X-FLI | SNX |
|---|---|---|
| Max drawdown (400d) | -34.0% | -92.3% |
| Risk-adjusted return (90d) | -0.17 | -0.26 |
| Best 30 days (past year) | — | +26.6% |
| Worst 30 days (past year) | — | -47.8% |
Relative strength over 90 days: SNX outperformed ETH2X-FLI by 6.5% — measured on the ETH2X-FLI/SNX ratio, so it holds regardless of market direction.