Ethereum (ETH) is 36806256.5× the size of Pairex (PAIREX) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.22 across 28 shared trading days). PAIREX has been the more volatile of the two, at 121% annualised against ETH's 62%.
PAIREXETH
-0.22over 28 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 | PAIREX | ETH |
|---|---|---|
| Max drawdown (400d) | -30.5% | -66.5% |
| Risk-adjusted return (90d) | -0.25 | 0.36 |
| Best 30 days (past year) | — | +34.1% |
| Worst 30 days (past year) | — | -44.6% |
Relative strength over 90 days: ETH outperformed PAIREX by 18.5% — measured on the PAIREX/ETH ratio, so it holds regardless of market direction.