Maple Finance (SYRUP) is 37.2× the size of Gearbox (GEAR) by market capitalisation. Their daily returns move barely together (correlation 0.25 across 40 shared trading days). GEAR has been the more volatile of the two, at 181% annualised against SYRUP's 87%.
GEARSYRUP
0.25over 40 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 | GEAR | SYRUP |
|---|---|---|
| Max drawdown (400d) | -39.2% | -74.3% |
| Risk-adjusted return (90d) | 0.17 | 0.00 |
| Best 30 days (past year) | — | +52.7% |
| Worst 30 days (past year) | — | -49.6% |
Relative strength over 90 days: GEAR outperformed SYRUP by 41.8% — measured on the GEAR/SYRUP ratio, so it holds regardless of market direction.