Shiba Inu (SHIB) is 21104.8× the size of Hive Token (HIVE) by market capitalisation. Their daily returns move loosely together (correlation 0.41 across 35 shared trading days). SHIB has been the more volatile of the two, at 69% annualised against HIVE's 39%.
HIVESHIB
0.41over 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 | HIVE | SHIB |
|---|---|---|
| Max drawdown (400d) | -15.0% | -68.0% |
| Risk-adjusted return (90d) | -0.25 | 0.01 |
| Best 30 days (past year) | — | +39.1% |
| Worst 30 days (past year) | — | -38.4% |
Relative strength over 90 days: HIVE outperformed SHIB by 10.5% — measured on the HIVE/SHIB ratio, so it holds regardless of market direction.