NEAR Protocol (NEAR) is 328245.6× the size of Router Protocol (ROUTE) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.50 across 189 shared trading days). ROUTE has been the more volatile of the two, at 202% annualised against NEAR's 108%.
ROUTENEAR
-0.50over 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 | NEAR |
|---|---|---|
| Max drawdown (400d) | -99.3% | -68.7% |
| Risk-adjusted return (90d) | -0.39 | 1.11 |
| Best 30 days (past year) | — | +195.3% |
| Worst 30 days (past year) | — | -48.1% |
Relative strength over 90 days: NEAR outperformed ROUTE by 99.7% — measured on the ROUTE/NEAR ratio, so it holds regardless of market direction.