Decentraland (MANA) is 29.1× the size of ParagonsDAO (PDT) by market capitalisation. Their daily returns move barely together (correlation 0.20 across 30 shared trading days). Both have run at a similar volatility, around 75% annualised.
PDTMANA
0.20over 30 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 | PDT | MANA |
|---|---|---|
| Max drawdown (400d) | -13.2% | -82.0% |
| Risk-adjusted return (90d) | 0.04 | 0.14 |
| Best 30 days (past year) | — | +43.6% |
| Worst 30 days (past year) | — | -42.8% |
Relative strength over 90 days: PDT outperformed MANA by 5.4% — measured on the PDT/MANA ratio, so it holds regardless of market direction.