Aethir (ATH) is 17.6× the size of GamerCoin (GHX) by market capitalisation. Their daily returns move barely together (correlation 0.32 across 44 shared trading days). ATH has been the more volatile of the two, at 149% annualised against GHX's 125%.
GHXATH
0.32over 44 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 | GHX | ATH |
|---|---|---|
| Max drawdown (400d) | -82.7% | -22.7% |
| Risk-adjusted return (90d) | 0.26 | 0.22 |
| Best 30 days (past year) | +124.2% | — |
| Worst 30 days (past year) | -40.6% | — |
Relative strength over 90 days: GHX outperformed ATH by 35.8% — measured on the GHX/ATH ratio, so it holds regardless of market direction.