Merlin Chain vs Mantle

Mantle (MNT) is 38.3× the size of Merlin Chain (MERL) by market capitalisation. Over the past 30 days, MERL is ahead by 34.3 percentage points (MERL +17.0% against MNT -17.3%). Their daily returns move loosely together (correlation 0.59 across 44 shared trading days). Both have run at a similar volatility, around 96% annualised.

Correlation: 0.59
Size ratio: 1 : 38.3
Ahead over 30 days: MERL

Merlin ChainMERL

$0.028931

24h: +4.64%
Market cap: $41.37M
Volume 24h: $4.83M
Volatility (ann.): 91%

MantleMNT

$0.480339

24h: +2.28%
Market cap: $1.59B
Volume 24h: $39.94M
Volatility (ann.): 100%

MERL 2.5%Share of the two combined market caps97.5% MNT

Performance

MERLMNT

7 days+1.44%-8.39%MERL
30 days+17.01%-17.29%MERL

Correlation

0.59over 44 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.7290d: 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	MERL	MNT
Max drawdown (400d)	-18.8%	-31.8%
Risk-adjusted return (90d)	0.46	0.06

Relative strength over 90 days: MERL outperformed MNT by 55.1% — measured on the MERL/MNT ratio, so it holds regardless of market direction.

Merlin Chain →Mantle →