Grass (GRASS) is 36.9× the size of Hivemapper (HONEY) by market capitalisation. Their daily returns move loosely together (correlation 0.35 across 42 shared trading days). GRASS has been the more volatile of the two, at 213% annualised against HONEY's 157%.
HONEYGRASS
0.35over 42 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 | HONEY | GRASS |
|---|---|---|
| Max drawdown (400d) | -96.7% | -25.3% |
| Risk-adjusted return (90d) | 0.04 | 0.35 |
| Best 30 days (past year) | +156.9% | — |
| Worst 30 days (past year) | -61.5% | — |
Relative strength over 90 days: HONEY outperformed GRASS by 67.0% — measured on the HONEY/GRASS ratio, so it holds regardless of market direction.