Ethereum (ETH) is 8313548.7× the size of pipaitrader (PIPAI) by market capitalisation. Their daily returns move loosely together (correlation 0.54 across 99 shared trading days). PIPAI has been the more volatile of the two, at 247% annualised against ETH's 62%.
PIPAIETH
0.54over 99 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 | PIPAI | ETH |
|---|---|---|
| Max drawdown (400d) | -94.0% | -66.5% |
| Risk-adjusted return (90d) | -0.18 | 0.29 |
| Best 30 days (past year) | — | +34.1% |
| Worst 30 days (past year) | — | -44.6% |
Relative strength over 90 days: ETH outperformed PIPAI by 29.4% — measured on the PIPAI/ETH ratio, so it holds regardless of market direction.