Marina Protocol (BAY) is 36.9× the size of Loud (LOUD) by market capitalisation. Their daily returns move barely together (correlation 0.01 across 181 shared trading days). BAY has been the more volatile of the two, at 202% annualised against LOUD's 79%.
LOUDBAY
0.01over 181 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 | LOUD | BAY |
|---|---|---|
| Max drawdown (400d) | -57.2% | -95.7% |
| Risk-adjusted return (90d) | -0.05 | 1.02 |
Relative strength over 90 days: BAY outperformed LOUD by 71.2% — measured on the LOUD/BAY ratio, so it holds regardless of market direction.