Ether.fi (ETHFI) is 52.1× the size of KernelDAO (KERNEL) by market capitalisation. Over the past 1 year, ETHFI is ahead by 24.1 percentage points (KERNEL -57.0% against ETHFI -32.9%). Their daily returns move loosely together (correlation 0.47 across 399 shared trading days). Both have run at a similar volatility, around 104% annualised.
KERNELETHFI
0.47over 399 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 | KERNEL | ETHFI |
|---|---|---|
| Max drawdown (400d) | -86.2% | -84.3% |
| Risk-adjusted return (90d) | 0.41 | 0.54 |
| Best 30 days (past year) | +79.7% | +78.6% |
| Worst 30 days (past year) | -48.1% | -46.6% |
Relative strength over 90 days: ETHFI outperformed KERNEL by 9.7% — measured on the KERNEL/ETHFI ratio, so it holds regardless of market direction.