Synthetix (SNX) is 57.5× the size of Indigo Protocol (INDY) by market capitalisation. Their daily returns move closely together (correlation 0.72 across 31 shared trading days). Both have run at a similar volatility, around 120% annualised.
INDYSNX
0.72over 31 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 | INDY | SNX |
|---|---|---|
| Max drawdown (400d) | -21.4% | -92.3% |
| Risk-adjusted return (90d) | 0.18 | -0.26 |
| Best 30 days (past year) | — | +26.6% |
| Worst 30 days (past year) | — | -47.8% |
Relative strength over 90 days: SNX outperformed INDY by 2.7% — measured on the INDY/SNX ratio, so it holds regardless of market direction.