Filecoin (FIL) is 14.5× the size of Impossible Cloud Network Token (ICNT) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.35 across 42 shared trading days). ICNT has been the more volatile of the two, at 297% annualised against FIL's 125%.
$0.199710
ICNTFIL
-0.35over 42 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 | ICNT | FIL |
|---|---|---|
| Max drawdown (400d) | -27.1% | -81.4% |
| Risk-adjusted return (90d) | 0.35 | 0.19 |
| Best 30 days (past year) | — | +66.2% |
| Worst 30 days (past year) | — | -57.1% |
Relative strength over 90 days: ICNT outperformed FIL by 62.1% — measured on the ICNT/FIL ratio, so it holds regardless of market direction.