Pyth Network (PYTH) is 69.4× the size of Kleros (PNK) by market capitalisation. Their daily returns move barely together (correlation 0.10 across 39 shared trading days). PYTH has been the more volatile of the two, at 98% annualised against PNK's 17%.
PNKPYTH
0.10over 39 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 | PNK | PYTH |
|---|---|---|
| Max drawdown (400d) | -2.9% | -81.1% |
| Risk-adjusted return (90d) | -0.03 | 0.70 |
| Best 30 days (past year) | — | +76.8% |
| Worst 30 days (past year) | — | -46.7% |
Relative strength over 90 days: PYTH outperformed PNK by 23.3% — measured on the PNK/PYTH ratio, so it holds regardless of market direction.