Maple Finance (SYRUP) is 70.2× the size of Nolus (NLS) by market capitalisation. Over the past 1 year, SYRUP is ahead by 8.5 percentage points (NLS -69.2% against SYRUP -60.7%). Their daily returns move barely in opposite directions (correlation -0.02 across 371 shared trading days). NLS has been the more volatile of the two, at 108% annualised against SYRUP's 87%.
NLSSYRUP
-0.02over 371 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 | NLS | SYRUP |
|---|---|---|
| Max drawdown (400d) | -88.4% | -74.3% |
| Risk-adjusted return (90d) | 0.22 | 0.00 |
| Best 30 days (past year) | +111.1% | +52.7% |
| Worst 30 days (past year) | -67.2% | -49.6% |
Relative strength over 90 days: NLS outperformed SYRUP by 37.3% — measured on the NLS/SYRUP ratio, so it holds regardless of market direction.