SafePal (SFP) is 1.7× the size of Safe (SAFE) by market capitalisation. Their daily returns move loosely together (correlation 0.59 across 57 shared trading days). SAFE has been the more volatile of the two, at 95% annualised against SFP's 70%.
SFPSAFE
0.59over 57 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 | SFP | SAFE |
|---|---|---|
| Max drawdown (400d) | -62.2% | -31.2% |
| Risk-adjusted return (90d) | 0.03 | 0.03 |
| Best 30 days (past year) | +33.7% | — |
| Worst 30 days (past year) | -33.2% | — |
Relative strength over 90 days: SAFE outperformed SFP by 10.7% — measured on the SFP/SAFE ratio, so it holds regardless of market direction.