Lido DAO (LDO) is 279.7× the size of Etherex Liquid Staking Token (REX33) by market capitalisation. Their daily returns move barely together (correlation 0.07 across 31 shared trading days). REX33 has been the more volatile of the two, at 153% annualised against LDO's 95%.
$0.009166
REX33LDO
0.07over 31 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 | REX33 | LDO |
|---|---|---|
| Max drawdown (400d) | -21.1% | -81.5% |
| Risk-adjusted return (90d) | 0.39 | 0.14 |
| Best 30 days (past year) | — | +58.2% |
| Worst 30 days (past year) | — | -51.2% |
Relative strength over 90 days: REX33 outperformed LDO by 25.0% — measured on the REX33/LDO ratio, so it holds regardless of market direction.