Ethereum (ETH) is 4521229.2× the size of Hims & Hers Health, Inc. (Coinbase Tokenized Stock) (HIMSC) by market capitalisation. Their daily returns move barely together (correlation 0.12 across 22 shared trading days). Both have run at a similar volatility, around 67% annualised.
$28.4600
HIMSCETH
0.12over 22 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 | HIMSC | ETH |
|---|---|---|
| Max drawdown (400d) | -11.8% | -66.5% |
| Risk-adjusted return (90d) | 0.01 | 0.43 |
| Best 30 days (past year) | — | +34.1% |
| Worst 30 days (past year) | — | -44.6% |
Relative strength over 90 days: HIMSC outperformed ETH by 15.8% — measured on the HIMSC/ETH ratio, so it holds regardless of market direction.