Filecoin (FIL) is 1120.6× the size of Shardeum (SHM) by market capitalisation. Over the past 1 year, FIL is ahead by 59.4 percentage points (SHM -99.9% against FIL -40.5%). Their daily returns move loosely in opposite directions (correlation -0.38 across 364 shared trading days). Both have run at a similar volatility, around 130% annualised.
SHMFIL
-0.38over 364 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 | SHM | FIL |
|---|---|---|
| Max drawdown (400d) | -100.0% | -81.4% |
| Risk-adjusted return (90d) | 0.07 | 0.19 |
| Best 30 days (past year) | — | +66.2% |
| Worst 30 days (past year) | — | -57.1% |
Relative strength over 90 days: FIL outperformed SHM by 26.5% — measured on the SHM/FIL ratio, so it holds regardless of market direction.