iExec RLC (RLC) is 101.6× the size of Modefi (MOD) by market capitalisation. Their daily returns move barely together (correlation 0.11 across 64 shared trading days). MOD has been the more volatile of the two, at 266% annualised against RLC's 127%.
MODRLC
0.11over 64 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 | MOD | RLC |
|---|---|---|
| Max drawdown (400d) | -99.5% | -77.9% |
| Risk-adjusted return (90d) | -0.37 | 0.28 |
| Best 30 days (past year) | — | +275.5% |
| Worst 30 days (past year) | — | -42.9% |
Relative strength over 90 days: RLC outperformed MOD by 98.7% — measured on the MOD/RLC ratio, so it holds regardless of market direction.