Pieverse (PIEVERSE) is 192.4× the size of Immunefi (IMU) by market capitalisation. Their daily returns move loosely together (correlation 0.36 across 41 shared trading days). IMU has been the more volatile of the two, at 328% annualised against PIEVERSE's 145%.
IMUPIEVERSE
0.36over 41 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 | IMU | PIEVERSE |
|---|---|---|
| Max drawdown (400d) | -89.8% | -38.7% |
| Risk-adjusted return (90d) | 0.05 | 0.25 |
Relative strength over 90 days: PIEVERSE outperformed IMU by 47.5% — measured on the IMU/PIEVERSE ratio, so it holds regardless of market direction.