Ice Open Network vs Mantle

Mantle (MNT) is 2446.4× the size of Ice Open Network (ION) by market capitalisation. Their daily returns move loosely together (correlation 0.53 across 45 shared trading days). Both have run at a similar volatility, around 105% annualised.

Correlation: 0.53
Size ratio: 1 : 2446.4

Ice Open NetworkION

$5.705e-5

24h: -3.60%
Market cap: $648,173
Volume 24h: $30,482
Volatility (ann.): 111%

MantleMNT

$0.480157

24h: +1.35%
Market cap: $1.59B
Volume 24h: $42.24M
Volatility (ann.): 100%

ION 0.0%Share of the two combined market caps100.0% MNT

Performance

IONMNT

7 days-13.80%-8.39%MNT
30 days-39.29%-17.29%MNT
90 days-38.05%——

Correlation

0.53over 45 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.6490d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	ION	MNT
Max drawdown (400d)	-49.2%	-31.8%
Risk-adjusted return (90d)	-0.32	0.06

Relative strength over 90 days: MNT outperformed ION by 33.0% — measured on the ION/MNT ratio, so it holds regardless of market direction.

Ice Open Network →Mantle →