NEAR Protocol (NEAR) is 1269.7× the size of Mind Network (FHE) by market capitalisation. Over the past 1 year, NEAR is ahead by 163.6 percentage points (FHE -63.2% against NEAR +100.4%). Their daily returns move barely together (correlation 0.06 across 372 shared trading days). FHE has been the more volatile of the two, at 277% annualised against NEAR's 108%.
FHENEAR
0.06over 372 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 | FHE | NEAR |
|---|---|---|
| Max drawdown (400d) | -93.2% | -68.7% |
| Risk-adjusted return (90d) | 0.06 | 0.98 |
| Best 30 days (past year) | +399.0% | +195.3% |
| Worst 30 days (past year) | -84.3% | -48.1% |
Relative strength over 90 days: NEAR outperformed FHE by 46.4% — measured on the FHE/NEAR ratio, so it holds regardless of market direction.