Lido DAO (LDO) is 21.7× the size of Marinade (MNDE) by market capitalisation. Over the past 1 year, LDO is ahead by 27.3 percentage points (MNDE -82.4% against LDO -55.1%). Their daily returns move loosely together (correlation 0.36 across 373 shared trading days). Both have run at a similar volatility, around 90% annualised.
MNDELDO
0.36over 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 | MNDE | LDO |
|---|---|---|
| Max drawdown (400d) | -88.1% | -81.5% |
| Risk-adjusted return (90d) | 0.32 | 0.14 |
| Best 30 days (past year) | +46.3% | +58.2% |
| Worst 30 days (past year) | -58.4% | -51.2% |
Relative strength over 90 days: MNDE outperformed LDO by 11.0% — measured on the MNDE/LDO ratio, so it holds regardless of market direction.