Pyth Network (PYTH) is 1.8× the size of Lido DAO (LDO) by market capitalisation. Over the past 1 year, PYTH is ahead by 25.7 percentage points (PYTH -27.1% against LDO -52.9%). Their daily returns move closely together (correlation 0.65 across 399 shared trading days). Both have run at a similar volatility, around 96% annualised.
PYTHLDO
0.65over 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 | LDO |
|---|---|---|
| Max drawdown (400d) | -81.1% | -81.5% |
| Risk-adjusted return (90d) | 0.78 | 0.18 |
| Best 30 days (past year) | +76.8% | +58.2% |
| Worst 30 days (past year) | -46.7% | -51.2% |
Relative strength over 90 days: PYTH outperformed LDO by 47.9% — measured on the PYTH/LDO ratio, so it holds regardless of market direction.