The Graph (GRT) is 40.3× the size of FlameWire (SN97) by market capitalisation. Their daily returns move loosely together (correlation 0.52 across 31 shared trading days). SN97 has been the more volatile of the two, at 112% annualised against GRT's 85%.
SN97GRT
0.52over 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 | SN97 | GRT |
|---|---|---|
| Max drawdown (400d) | -30.1% | -85.1% |
| Risk-adjusted return (90d) | -0.11 | 0.30 |
| Best 30 days (past year) | — | +115.0% |
| Worst 30 days (past year) | — | -41.8% |
Relative strength over 90 days: GRT outperformed SN97 by 52.5% — measured on the SN97/GRT ratio, so it holds regardless of market direction.