SCARCITY (SCARCITY) and Hana Network (HANA) compared side by side. Their daily returns move barely in opposite directions (correlation -0.05 across 100 shared trading days). HANA has been the more volatile of the two, at 113% annualised against SCARCITY's 96%.
SCARCITYHANA
-0.05over 100 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 | SCARCITY | HANA |
|---|---|---|
| Max drawdown (400d) | -92.5% | -71.1% |
| Risk-adjusted return (90d) | 0.75 | -0.48 |
Relative strength over 90 days: SCARCITY outperformed HANA by 265.9% — measured on the SCARCITY/HANA ratio, so it holds regardless of market direction.