Fables (FABLES) is 47.8× the size of Howl.fi (HOWL) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.07 across 21 shared trading days). HOWL has been the more volatile of the two, at 763% annualised against FABLES's 234%.
HOWLFABLES
-0.07over 21 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 | HOWL | FABLES |
|---|---|---|
| Max drawdown (400d) | -77.7% | -57.6% |
| Risk-adjusted return (90d) | 0.00 | -0.20 |
Relative strength over 90 days: HOWL outperformed FABLES by 33.8% — measured on the HOWL/FABLES ratio, so it holds regardless of market direction.