Across Protocol (ACX) is 370.5× the size of Hop Protocol (HOP) by market capitalisation. Their daily returns move barely together (correlation 0.06 across 155 shared trading days). Both have run at a similar volatility, around 101% annualised.
HOPACX
0.06over 155 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 | HOP | ACX |
|---|---|---|
| Max drawdown (400d) | -50.4% | -73.4% |
| Risk-adjusted return (90d) | -0.09 | 0.09 |
Relative strength over 90 days: ACX outperformed HOP by 44.1% — measured on the HOP/ACX ratio, so it holds regardless of market direction.