Raydium (RAY) is 726.5× the size of Netswap (NETT) by market capitalisation. Over the past 1 year, RAY is ahead by 89.0 percentage points (NETT -80.2% against RAY +8.8%). Their daily returns move barely together (correlation 0.28 across 364 shared trading days). RAY has been the more volatile of the two, at 104% annualised against NETT's 79%.
NETTRAY
0.28over 364 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 | NETT | RAY |
|---|---|---|
| Max drawdown (400d) | -82.7% | -81.7% |
| Risk-adjusted return (90d) | -0.36 | 1.07 |
| Best 30 days (past year) | — | +170.6% |
| Worst 30 days (past year) | — | -54.0% |
Relative strength over 90 days: RAY outperformed NETT by 74.3% — measured on the NETT/RAY ratio, so it holds regardless of market direction.