Multichain (MULTI) and Across Protocol (ACX) compared side by side. Their daily returns move loosely together (correlation 0.53 across 23 shared trading days). ACX has been the more volatile of the two, at 106% annualised against MULTI's 78%.
MULTIACX
0.53over 23 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 | MULTI | ACX |
|---|---|---|
| Max drawdown (400d) | -30.3% | -73.4% |
| Risk-adjusted return (90d) | -0.38 | 0.09 |
Relative strength over 90 days: ACX outperformed MULTI by 28.6% — measured on the MULTI/ACX ratio, so it holds regardless of market direction.