Immutable (IMX) is 4.5× the size of Metis (METIS) by market capitalisation. Over the past 1 year, METIS is ahead by 6.1 percentage points (METIS -67.2% against IMX -73.3%). Their daily returns move closely together (correlation 0.66 across 399 shared trading days). METIS has been the more volatile of the two, at 104% annualised against IMX's 90%.
METISIMX
0.66over 399 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 | METIS | IMX |
|---|---|---|
| Max drawdown (400d) | -84.0% | -87.2% |
| Risk-adjusted return (90d) | 0.13 | 0.08 |
| Best 30 days (past year) | +47.5% | +67.7% |
| Worst 30 days (past year) | -42.3% | -50.4% |
Relative strength over 90 days: METIS outperformed IMX by 5.3% — measured on the METIS/IMX ratio, so it holds regardless of market direction.