CoW Protocol (COW) is 1543.7× the size of Lode (LODE) by market capitalisation. Their daily returns move loosely together (correlation 0.36 across 46 shared trading days). LODE has been the more volatile of the two, at 395% annualised against COW's 87%.
LODECOW
0.36over 46 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 | LODE | COW |
|---|---|---|
| Max drawdown (400d) | -100.0% | -66.0% |
| Risk-adjusted return (90d) | -0.25 | 0.14 |
| Best 30 days (past year) | — | +64.8% |
| Worst 30 days (past year) | — | -41.9% |
Relative strength over 90 days: COW outperformed LODE by 100.0% — measured on the LODE/COW ratio, so it holds regardless of market direction.