Pyth Network (PYTH) is 4171.2× the size of Grix (GRIX) by market capitalisation. Their daily returns move barely together (correlation 0.19 across 116 shared trading days). GRIX has been the more volatile of the two, at 186% annualised against PYTH's 98%.
GRIXPYTH
0.19over 116 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 | GRIX | PYTH |
|---|---|---|
| Max drawdown (400d) | -97.2% | -81.1% |
| Risk-adjusted return (90d) | -0.46 | 0.68 |
| Best 30 days (past year) | — | +76.8% |
| Worst 30 days (past year) | — | -46.7% |
Relative strength over 90 days: PYTH outperformed GRIX by 94.0% — measured on the GRIX/PYTH ratio, so it holds regardless of market direction.