Bio Protocol (BIO) is 1567.2× the size of Protean (PRTN) by market capitalisation. Their daily returns move barely together (correlation 0.05 across 33 shared trading days). PRTN has been the more volatile of the two, at 415% annualised against BIO's 137%.
PRTNBIO
0.05over 33 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 | PRTN | BIO |
|---|---|---|
| Max drawdown (400d) | -23.9% | -88.6% |
| Risk-adjusted return (90d) | 0.19 | -0.25 |
| Best 30 days (past year) | — | +253.8% |
| Worst 30 days (past year) | — | -52.7% |
Relative strength over 90 days: PRTN outperformed BIO by 146.2% — measured on the PRTN/BIO ratio, so it holds regardless of market direction.