Shiba Inu (SHIB) is 15293.4× the size of Max on ETH (MAXETH) by market capitalisation. Their daily returns move barely together (correlation 0.22 across 33 shared trading days). MAXETH has been the more volatile of the two, at 158% annualised against SHIB's 69%.
MAXETHSHIB
0.22over 33 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 | MAXETH | SHIB |
|---|---|---|
| Max drawdown (400d) | -49.7% | -68.0% |
| Risk-adjusted return (90d) | -0.22 | 0.01 |
| Best 30 days (past year) | — | +39.1% |
| Worst 30 days (past year) | — | -38.4% |
Relative strength over 90 days: SHIB outperformed MAXETH by 20.0% — measured on the MAXETH/SHIB ratio, so it holds regardless of market direction.