Chainlink (LINK) is 2047.7× the size of Layer3 (L3) by market capitalisation. Over the past 1 year, LINK is ahead by 71.0 percentage points (L3 -93.1% against LINK -22.0%). Their daily returns move barely together (correlation 0.23 across 373 shared trading days). L3 has been the more volatile of the two, at 196% annualised against LINK's 71%.
L3LINK
0.23over 373 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 | L3 | LINK |
|---|---|---|
| Max drawdown (400d) | -95.0% | -69.2% |
| Risk-adjusted return (90d) | -0.63 | 0.53 |
| Best 30 days (past year) | +150.9% | +61.6% |
| Worst 30 days (past year) | -57.0% | -43.6% |
Relative strength over 90 days: LINK outperformed L3 by 74.3% — measured on the L3/LINK ratio, so it holds regardless of market direction.