Indigo Protocol vs Cryptex Finance

Cryptex Finance (CTX) is 2.3× the size of Indigo Protocol (INDY) by market capitalisation. Over the past 30 days, INDY is ahead by 6.3 percentage points (INDY +21.5% against CTX +15.2%). Their daily returns move loosely together (correlation 0.36 across 31 shared trading days). CTX has been the more volatile of the two, at 209% annualised against INDY's 118%.

Correlation: 0.36
Size ratio: 1 : 2.3
Ahead over 30 days: INDY

Indigo ProtocolINDY

$0.089009

24h: +0.61%
Market cap: $1.82M
Volume 24h: $2,152
Volatility (ann.): 118%

Cryptex FinanceCTX

$0.440889

24h: -1.52%
Market cap: $4.26M
Volume 24h: $26,732
Volatility (ann.): 209%

INDY 30.0%Share of the two combined market caps70.0% CTX

Performance

INDYCTX

7 days-1.84%-12.79%INDY
30 days+21.53%+15.23%INDY

Correlation

0.36over 31 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.3690d: 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	INDY	CTX
Max drawdown (400d)	-21.4%	-44.6%
Risk-adjusted return (90d)	0.18	0.13

Relative strength over 90 days: CTX outperformed INDY by 46.7% — measured on the INDY/CTX ratio, so it holds regardless of market direction.

Indigo Protocol →Cryptex Finance →