Maple Finance (SYRUP) is 23.1× the size of Moonwell (WELL) by market capitalisation. Over the past 1 year, SYRUP is ahead by 32.0 percentage points (WELL -92.6% against SYRUP -60.7%). Their daily returns move loosely together (correlation 0.43 across 371 shared trading days). WELL has been the more volatile of the two, at 101% annualised against SYRUP's 87%.
WELLSYRUP
0.43over 371 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 | WELL | SYRUP |
|---|---|---|
| Max drawdown (400d) | -92.8% | -74.3% |
| Risk-adjusted return (90d) | -0.52 | 0.00 |
| Best 30 days (past year) | +18.7% | +52.7% |
| Worst 30 days (past year) | -57.8% | -49.6% |
Relative strength over 90 days: SYRUP outperformed WELL by 44.4% — measured on the WELL/SYRUP ratio, so it holds regardless of market direction.