Litecoin (LTC) is 20436.8× the size of Hey Research Lab (HEY) by market capitalisation. Their daily returns move barely together (correlation 0.24 across 35 shared trading days). HEY has been the more volatile of the two, at 468% annualised against LTC's 62%.
HEYLTC
0.24over 35 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 | HEY | LTC |
|---|---|---|
| Max drawdown (400d) | -63.4% | -67.5% |
| Risk-adjusted return (90d) | 0.14 | 0.38 |
| Best 30 days (past year) | — | +45.4% |
| Worst 30 days (past year) | — | -39.5% |
Relative strength over 90 days: HEY outperformed LTC by 102.7% — measured on the HEY/LTC ratio, so it holds regardless of market direction.