USD.AI (CHIP) is 117.0× the size of Qi Dao (QI) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.02 across 37 shared trading days). CHIP has been the more volatile of the two, at 180% annualised against QI's 91%.
QICHIP
-0.02over 37 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 | QI | CHIP |
|---|---|---|
| Max drawdown (400d) | -23.3% | -80.8% |
| Risk-adjusted return (90d) | -0.14 | 0.40 |
Relative strength over 90 days: CHIP outperformed QI by 22.3% — measured on the QI/CHIP ratio, so it holds regardless of market direction.