Ethereum (ETH) is 118213056.0× the size of LIQ Protocol (LIQ) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.05 across 34 shared trading days). LIQ has been the more volatile of the two, at 274% annualised against ETH's 62%.
LIQETH
-0.05over 34 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 | LIQ | ETH |
|---|---|---|
| Max drawdown (400d) | -50.0% | -66.5% |
| Risk-adjusted return (90d) | -0.08 | 0.50 |
| Best 30 days (past year) | — | +34.1% |
| Worst 30 days (past year) | — | -44.6% |
Relative strength over 90 days: ETH outperformed LIQ by 12.6% — measured on the LIQ/ETH ratio, so it holds regardless of market direction.