Depinsim (ESIM) is 55.5× the size of Jupiter Project (JUP) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.02 across 43 shared trading days). JUP has been the more volatile of the two, at 2639% annualised against ESIM's 310%.
JUPESIM
-0.02over 43 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 | JUP | ESIM |
|---|---|---|
| Max drawdown (400d) | -97.7% | -68.6% |
| Risk-adjusted return (90d) | -0.01 | 0.30 |
Relative strength over 90 days: ESIM outperformed JUP by 84.9% — measured on the JUP/ESIM ratio, so it holds regardless of market direction.