AWE Network (AWE) is 7427.7× the size of Phi Protocol (PHI) by market capitalisation. Their daily returns move barely together (correlation 0.11 across 33 shared trading days). AWE has been the more volatile of the two, at 83% annualised against PHI's 45%.
PHIAWE
0.11over 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 | AWE |
|---|---|---|
| Max drawdown (400d) | -25.2% | -57.5% |
| Risk-adjusted return (90d) | -0.47 | 0.27 |
| Best 30 days (past year) | — | +87.1% |
| Worst 30 days (past year) | — | -46.6% |
Relative strength over 90 days: AWE outperformed PHI by 10.8% — measured on the PHI/AWE ratio, so it holds regardless of market direction.