Kamino (KMNO) is 29.4× the size of NAVI Protocol (NAVX) by market capitalisation. Over the past 1 year, KMNO is ahead by 41.9 percentage points (NAVX -83.8% against KMNO -41.9%). Their daily returns move barely together (correlation 0.31 across 373 shared trading days). NAVX has been the more volatile of the two, at 123% annualised against KMNO's 99%.
NAVXKMNO
0.31over 373 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 | NAVX | KMNO |
|---|---|---|
| Max drawdown (400d) | -88.3% | -83.3% |
| Risk-adjusted return (90d) | 0.20 | 0.72 |
| Best 30 days (past year) | +71.7% | +87.9% |
| Worst 30 days (past year) | -61.1% | -54.6% |
Relative strength over 90 days: KMNO outperformed NAVX by 26.8% — measured on the NAVX/KMNO ratio, so it holds regardless of market direction.