Internet Computer (ICP) is 1767.5× the size of Ethy AI (ETHY) by market capitalisation. Their daily returns move closely together (correlation 0.61 across 39 shared trading days). ETHY has been the more volatile of the two, at 138% annualised against ICP's 108%.
ETHYICP
0.61over 39 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 | ETHY | ICP |
|---|---|---|
| Max drawdown (400d) | -33.6% | -77.4% |
| Risk-adjusted return (90d) | -0.24 | 0.25 |
| Best 30 days (past year) | — | +49.6% |
| Worst 30 days (past year) | — | -62.1% |
Relative strength over 90 days: ICP outperformed ETHY by 36.2% — measured on the ETHY/ICP ratio, so it holds regardless of market direction.