Provenance Blockchain (HASH) is 8.6× the size of Polymesh (POLYX) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.16 across 58 shared trading days). HASH has been the more volatile of the two, at 160% annualised against POLYX's 83%.
POLYXHASH
-0.16over 58 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 | POLYX | HASH |
|---|---|---|
| Max drawdown (400d) | -77.2% | -30.9% |
| Risk-adjusted return (90d) | -0.03 | -0.10 |
| Best 30 days (past year) | +43.3% | — |
| Worst 30 days (past year) | -38.0% | — |
Relative strength over 90 days: POLYX outperformed HASH by 32.3% — measured on the POLYX/HASH ratio, so it holds regardless of market direction.