Immutable (IMX) is 2930.5× the size of Monsterra (MSTR) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.16 across 29 shared trading days). IMX has been the more volatile of the two, at 90% annualised against MSTR's 62%.
MSTRIMX
-0.16over 29 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 | MSTR | IMX |
|---|---|---|
| Max drawdown (400d) | -17.1% | -87.2% |
| Risk-adjusted return (90d) | -0.16 | 0.13 |
| Best 30 days (past year) | — | +67.7% |
| Worst 30 days (past year) | — | -50.4% |
Relative strength over 90 days: MSTR outperformed IMX by 24.6% — measured on the MSTR/IMX ratio, so it holds regardless of market direction.