Pi Network (PI) is 411.9× the size of Minima (MINIMA) by market capitalisation. Their daily returns move barely together (correlation 0.30 across 35 shared trading days). MINIMA has been the more volatile of the two, at 155% annualised against PI's 41%.
MINIMAPI
0.30over 35 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 | MINIMA | PI |
|---|---|---|
| Max drawdown (400d) | -81.3% | -23.1% |
| Risk-adjusted return (90d) | -0.05 | -0.26 |
Relative strength over 90 days: MINIMA outperformed PI by 26.5% — measured on the MINIMA/PI ratio, so it holds regardless of market direction.