Internet Computer (ICP) is 10.6× the size of Railgun (RAIL) by market capitalisation. Their daily returns move loosely together (correlation 0.57 across 58 shared trading days). RAIL has been the more volatile of the two, at 166% annualised against ICP's 108%.
RAILICP
0.57over 58 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 | RAIL | ICP |
|---|---|---|
| Max drawdown (400d) | -26.3% | -77.4% |
| Risk-adjusted return (90d) | 0.38 | 0.29 |
| Best 30 days (past year) | — | +49.6% |
| Worst 30 days (past year) | — | -62.1% |
Relative strength over 90 days: RAIL outperformed ICP by 42.2% — measured on the RAIL/ICP ratio, so it holds regardless of market direction.