Pyth Network (PYTH) is 2.5× the size of THORChain (RUNE) by market capitalisation. Over the past 1 year, RUNE is ahead by 11.0 percentage points (PYTH -27.1% against RUNE -16.1%). Their daily returns move loosely together (correlation 0.58 across 399 shared trading days). PYTH has been the more volatile of the two, at 98% annualised against RUNE's 75%.
PYTHRUNE
0.58over 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 | RUNE |
|---|---|---|
| Max drawdown (400d) | -81.1% | -73.7% |
| Risk-adjusted return (90d) | 0.78 | 0.54 |
| Best 30 days (past year) | +76.8% | +66.7% |
| Worst 30 days (past year) | -46.7% | -42.7% |
Relative strength over 90 days: PYTH outperformed RUNE by 19.2% — measured on the PYTH/RUNE ratio, so it holds regardless of market direction.