Internet Computer (ICP) is 93597.6× the size of Router Protocol (ROUTE) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.09 across 189 shared trading days). ROUTE has been the more volatile of the two, at 202% annualised against ICP's 108%.
ROUTEICP
-0.09over 189 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 | ROUTE | ICP |
|---|---|---|
| Max drawdown (400d) | -99.3% | -77.4% |
| Risk-adjusted return (90d) | -0.39 | 0.29 |
| Best 30 days (past year) | — | +49.6% |
| Worst 30 days (past year) | — | -62.1% |
Relative strength over 90 days: ICP outperformed ROUTE by 98.8% — measured on the ROUTE/ICP ratio, so it holds regardless of market direction.