Spiko Amundi Overnight Swap Fund (EUR) (EURSAFO) is 162.4× the size of KernelDAO (KERNEL) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.27 across 58 shared trading days). KERNEL has been the more volatile of the two, at 109% annualised against EURSAFO's 10%.
$1.1400
KERNELEURSAFO
-0.27over 58 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 | EURSAFO |
|---|---|---|
| Max drawdown (400d) | -86.2% | -4.2% |
| Risk-adjusted return (90d) | 0.41 | -0.27 |
| Best 30 days (past year) | +79.7% | — |
| Worst 30 days (past year) | -48.1% | — |
Relative strength over 90 days: KERNEL outperformed EURSAFO by 37.0% — measured on the KERNEL/EURSAFO ratio, so it holds regardless of market direction.