Immutable (IMX) is 1.9× the size of Nervos Network (CKB) by market capitalisation. Over the past 1 year, CKB is ahead by 12.4 percentage points (CKB -60.9% against IMX -73.3%). Their daily returns move closely together (correlation 0.68 across 399 shared trading days). Both have run at a similar volatility, around 88% annualised.
CKBIMX
0.68over 399 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 | CKB | IMX |
|---|---|---|
| Max drawdown (400d) | -81.9% | -87.2% |
| Risk-adjusted return (90d) | 0.38 | 0.08 |
| Best 30 days (past year) | +82.6% | +67.7% |
| Worst 30 days (past year) | -43.7% | -50.4% |
Relative strength over 90 days: CKB outperformed IMX by 33.3% — measured on the CKB/IMX ratio, so it holds regardless of market direction.