Chainlink (LINK) is 351259.2× the size of Noctum (NOCTUM) by market capitalisation. Their daily returns move loosely together (correlation 0.56 across 61 shared trading days). NOCTUM has been the more volatile of the two, at 225% annualised against LINK's 71%.
NOCTUMLINK
0.56over 61 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 | NOCTUM | LINK |
|---|---|---|
| Max drawdown (400d) | -76.0% | -69.2% |
| Risk-adjusted return (90d) | -0.30 | 0.40 |
| Best 30 days (past year) | — | +61.6% |
| Worst 30 days (past year) | — | -43.6% |
Relative strength over 90 days: LINK outperformed NOCTUM by 74.0% — measured on the NOCTUM/LINK ratio, so it holds regardless of market direction.