Maple Finance (SYRUP) is 1.0× the size of Fluid (FLUID) by market capitalisation. Their daily returns move barely together (correlation 0.06 across 56 shared trading days). FLUID has been the more volatile of the two, at 225% annualised against SYRUP's 87%.
FLUIDSYRUP
0.06over 56 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 | FLUID | SYRUP |
|---|---|---|
| Max drawdown (400d) | -27.4% | -74.3% |
| Risk-adjusted return (90d) | 0.37 | 0.00 |
| Best 30 days (past year) | — | +52.7% |
| Worst 30 days (past year) | — | -49.6% |
Relative strength over 90 days: FLUID outperformed SYRUP by 79.5% — measured on the FLUID/SYRUP ratio, so it holds regardless of market direction.