Bonk (BONK) is 21687.5× the size of Patchwork Naval (NAVAL) by market capitalisation. Their daily returns move barely together (correlation 0.05 across 24 shared trading days). BONK has been the more volatile of the two, at 100% annualised against NAVAL's 47%.
NAVALBONK
0.05over 24 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 | NAVAL | BONK |
|---|---|---|
| Max drawdown (400d) | -25.9% | -89.7% |
| Risk-adjusted return (90d) | -0.45 | 0.09 |
| Best 30 days (past year) | — | +37.0% |
| Worst 30 days (past year) | — | -51.0% |
Relative strength over 90 days: BONK outperformed NAVAL by 2.5% — measured on the NAVAL/BONK ratio, so it holds regardless of market direction.