GoPlus Security (GPS) is 3.5× the size of PolySwarm (NCT) by market capitalisation. Their daily returns move barely together (correlation 0.23 across 40 shared trading days). GPS has been the more volatile of the two, at 143% annualised against NCT's 75%.
NCTGPS
0.23over 40 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 | NCT | GPS |
|---|---|---|
| Max drawdown (400d) | -45.0% | -69.1% |
| Risk-adjusted return (90d) | -0.51 | -0.07 |
| Best 30 days (past year) | — | +129.2% |
| Worst 30 days (past year) | — | -43.5% |
Relative strength over 90 days: GPS outperformed NCT by 30.4% — measured on the NCT/GPS ratio, so it holds regardless of market direction.