Holo (HOT) is 22.0× the size of Shadow Token (SHDW) by market capitalisation. Their daily returns move barely together (correlation 0.23 across 40 shared trading days). SHDW has been the more volatile of the two, at 244% annualised against HOT's 85%.
SHDWHOT
0.23over 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 | SHDW | HOT |
|---|---|---|
| Max drawdown (400d) | -36.7% | -68.4% |
| Risk-adjusted return (90d) | 0.04 | 0.71 |
| Best 30 days (past year) | — | +24.0% |
| Worst 30 days (past year) | — | -36.7% |
Relative strength over 90 days: HOT outperformed SHDW by 26.2% — measured on the SHDW/HOT ratio, so it holds regardless of market direction.