LEO Token (LEO) is 15350.6× the size of PointPay (PXP) by market capitalisation. Their daily returns move barely together (correlation 0.02 across 35 shared trading days). PXP has been the more volatile of the two, at 94% annualised against LEO's 21%.
PXPLEO
0.02over 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 | LEO |
|---|---|---|
| Max drawdown (400d) | -35.3% | -8.8% |
| Risk-adjusted return (90d) | -0.08 | -0.02 |
Relative strength over 90 days: LEO outperformed PXP by 17.8% — measured on the PXP/LEO ratio, so it holds regardless of market direction.