Cronos (CRO) is 4615.8× the size of PointPay (PXP) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.16 across 35 shared trading days). Both have run at a similar volatility, around 90% annualised.
PXPCRO
-0.16over 35 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 | PXP | CRO |
|---|---|---|
| Max drawdown (400d) | -35.3% | -28.4% |
| Risk-adjusted return (90d) | -0.08 | 0.07 |
Relative strength over 90 days: CRO outperformed PXP by 45.9% — measured on the PXP/CRO ratio, so it holds regardless of market direction.