Matrix vs Backpack

Backpack (BP) is 6.3× the size of Matrix (MTX) by market capitalisation. Over the past 30 days, BP is ahead by 85.5 percentage points (MTX -19.0% against BP +66.5%). Their daily returns move barely in opposite directions (correlation -0.30 across 47 shared trading days). BP has been the more volatile of the two, at 504% annualised against MTX's 121%.

Correlation: -0.30
Size ratio: 1 : 6.3
Ahead over 30 days: BP

MatrixMTX

$35.4500

24h: -1.19%
Market cap: $35.45M
Volume 24h: $113,516
Volatility (ann.): 121%

BackpackBP

$0.895022

24h: +2.75%
Market cap: $223.76M
Volume 24h: $4.89M
Volatility (ann.): 504%

MTX 13.7%Share of the two combined market caps86.3% BP

Performance

MTXBP

7 days+0.57%-5.55%MTX
30 days-19.01%+66.51%BP

Correlation

-0.30over 47 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.3190d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	MTX	BP
Max drawdown (400d)	-41.6%	-35.1%
Risk-adjusted return (90d)	0.24	0.27

Relative strength over 90 days: BP outperformed MTX by 34.0% — measured on the MTX/BP ratio, so it holds regardless of market direction.

Matrix →Backpack →