Injective (INJ) is 10.4× the size of Mina Protocol (MINA) by market capitalisation. Over the past 1 year, INJ is ahead by 59.9 percentage points (MINA -52.4% against INJ +7.5%). Their daily returns move loosely together (correlation 0.50 across 399 shared trading days). Both have run at a similar volatility, around 105% annualised.
MINAINJ
0.50over 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 | MINA | INJ |
|---|---|---|
| Max drawdown (400d) | -80.1% | -79.5% |
| Risk-adjusted return (90d) | 0.26 | 0.46 |
| Best 30 days (past year) | +178.8% | +92.8% |
| Worst 30 days (past year) | -65.9% | -46.8% |
Relative strength over 90 days: INJ outperformed MINA by 9.1% — measured on the MINA/INJ ratio, so it holds regardless of market direction.