Pump.fun (PUMP) is 4.2× the size of Raydium (RAY) by market capitalisation. Over the past 1 year, RAY is ahead by 16.9 percentage points (RAY +30.1% against PUMP +13.2%). Their daily returns move loosely together (correlation 0.53 across 399 shared trading days). PUMP has been the more volatile of the two, at 127% annualised against RAY's 104%.
RAYPUMP
0.53over 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 | RAY | PUMP |
|---|---|---|
| Max drawdown (400d) | -81.7% | -83.1% |
| Risk-adjusted return (90d) | 1.30 | 0.53 |
| Best 30 days (past year) | +170.6% | +185.0% |
| Worst 30 days (past year) | -54.0% | -43.2% |
Relative strength over 90 days: RAY outperformed PUMP by 59.4% — measured on the RAY/PUMP ratio, so it holds regardless of market direction.