Derive (DRV) is 53.0× the size of Pika Protocol (PIKA) by market capitalisation. Their daily returns move closely together (correlation 0.62 across 28 shared trading days). DRV has been the more volatile of the two, at 596% annualised against PIKA's 88%.
PIKADRV
0.62over 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 | PIKA | DRV |
|---|---|---|
| Max drawdown (400d) | -54.5% | -32.6% |
| Risk-adjusted return (90d) | 0.51 | 0.40 |
Relative strength over 90 days: DRV outperformed PIKA by 67.5% — measured on the PIKA/DRV ratio, so it holds regardless of market direction.