Bio Protocol (BIO) is 3.3× the size of HairDAO (HAIR) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.03 across 41 shared trading days). BIO has been the more volatile of the two, at 137% annualised against HAIR's 94%.
HAIRBIO
-0.03over 41 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 | HAIR | BIO |
|---|---|---|
| Max drawdown (400d) | -16.2% | -89.5% |
| Risk-adjusted return (90d) | 0.10 | -0.17 |
| Best 30 days (past year) | — | +253.8% |
| Worst 30 days (past year) | — | -52.7% |
Relative strength over 90 days: HAIR outperformed BIO by 45.4% — measured on the HAIR/BIO ratio, so it holds regardless of market direction.