Mantle (MNT) is 91286.5× the size of Novastro (XNL) by market capitalisation. Their daily returns move closely together (correlation 0.61 across 44 shared trading days). XNL has been the more volatile of the two, at 182% annualised against MNT's 99%.
XNLMNT
0.61over 44 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 | XNL | MNT |
|---|---|---|
| Max drawdown (400d) | -99.6% | -31.8% |
| Risk-adjusted return (90d) | -0.55 | 0.08 |
Relative strength over 90 days: MNT outperformed XNL by 32.9% — measured on the XNL/MNT ratio, so it holds regardless of market direction.