Pyth Network (PYTH) is 2.7× the size of IOTA (IOTA) by market capitalisation. Over the past 1 year, PYTH is ahead by 41.3 percentage points (PYTH -27.1% against IOTA -68.5%). Their daily returns move closely together (correlation 0.63 across 399 shared trading days). PYTH has been the more volatile of the two, at 98% annualised against IOTA's 76%.
PYTHIOTA
0.63over 399 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 | PYTH | IOTA |
|---|---|---|
| Max drawdown (400d) | -81.1% | -83.5% |
| Risk-adjusted return (90d) | 0.78 | 0.21 |
| Best 30 days (past year) | +76.8% | +51.5% |
| Worst 30 days (past year) | -46.7% | -45.9% |
Relative strength over 90 days: PYTH outperformed IOTA by 47.0% — measured on the PYTH/IOTA ratio, so it holds regardless of market direction.