USD.AI (CHIP) is 102.6× the size of Reflexer Ungovernance (FLX) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.08 across 29 shared trading days). CHIP has been the more volatile of the two, at 180% annualised against FLX's 119%.
FLXCHIP
-0.08over 29 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 | FLX | CHIP |
|---|---|---|
| Max drawdown (400d) | -28.0% | -80.8% |
| Risk-adjusted return (90d) | -0.19 | 0.40 |
Relative strength over 90 days: CHIP outperformed FLX by 17.0% — measured on the FLX/CHIP ratio, so it holds regardless of market direction.