Artificial Superintelligence Alliance (FET) is 20716.7× the size of Phi Protocol (PHI) by market capitalisation. Their daily returns move barely together (correlation 0.12 across 33 shared trading days). FET has been the more volatile of the two, at 118% annualised against PHI's 45%.
$0.143800
PHIFET
0.12over 33 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 | PHI | FET |
|---|---|---|
| Max drawdown (400d) | -25.2% | -80.0% |
| Risk-adjusted return (90d) | -0.47 | 0.18 |
| Best 30 days (past year) | — | +77.4% |
| Worst 30 days (past year) | — | -49.9% |
Relative strength over 90 days: PHI outperformed FET by 12.4% — measured on the PHI/FET ratio, so it holds regardless of market direction.