Internet Computer (ICP) is 18.6× the size of Gas (GAS) by market capitalisation. Over the past 1 year, ICP is ahead by 13.7 percentage points (GAS -50.1% against ICP -36.5%). Their daily returns move loosely together (correlation 0.47 across 399 shared trading days). ICP has been the more volatile of the two, at 108% annualised against GAS's 67%.
GASICP
0.47over 399 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 | GAS | ICP |
|---|---|---|
| Max drawdown (400d) | -71.0% | -77.4% |
| Risk-adjusted return (90d) | 0.37 | 0.25 |
| Best 30 days (past year) | +45.2% | +49.6% |
| Worst 30 days (past year) | -38.9% | -62.1% |
Relative strength over 90 days: GAS outperformed ICP by 3.6% — measured on the GAS/ICP ratio, so it holds regardless of market direction.