Cronos (CRO) is 61.5× the size of Hydration (HDX) by market capitalisation. Over the past 30 days, HDX is ahead by 13.2 percentage points (HDX -1.1% against CRO -14.2%). Their daily returns move barely together (correlation 0.14 across 48 shared trading days). Both have run at a similar volatility, around 89% annualised.
HDXCRO
0.14over 48 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 | HDX | CRO |
|---|---|---|
| Max drawdown (400d) | -39.5% | -28.4% |
| Risk-adjusted return (90d) | -0.39 | 0.07 |
Relative strength over 90 days: CRO outperformed HDX by 28.3% — measured on the HDX/CRO ratio, so it holds regardless of market direction.