NovaChargeX Coin (NCX) is 101.5× the size of Habitat (HABITAT) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.29 across 28 shared trading days). HABITAT has been the more volatile of the two, at 122% annualised against NCX's 36%.
HABITATNCX
-0.29over 28 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 | HABITAT | NCX |
|---|---|---|
| Max drawdown (400d) | -85.4% | -1.8% |
| Risk-adjusted return (90d) | -0.13 | 1.22 |
Relative strength over 90 days: NCX outperformed HABITAT by 36.7% — measured on the HABITAT/NCX ratio, so it holds regardless of market direction.