Instadapp ETH v2 (IETH V2) and Ethereum (ETH) compared side by side. Their daily returns move closely together (correlation 0.67 across 31 shared trading days). ETH has been the more volatile of the two, at 62% annualised against IETH V2's 39%.
IETH V2ETH
0.67over 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 | IETH V2 | ETH |
|---|---|---|
| Max drawdown (400d) | -17.4% | -66.5% |
| Risk-adjusted return (90d) | -0.42 | 0.36 |
| Best 30 days (past year) | — | +34.1% |
| Worst 30 days (past year) | — | -44.6% |
Relative strength over 90 days: IETH V2 outperformed ETH by 0.2% — measured on the IETH V2/ETH ratio, so it holds regardless of market direction.