Internet Computer (ICP) is 2215.5× the size of Shardeum (SHM) by market capitalisation. Over the past 1 year, ICP is ahead by 63.5 percentage points (SHM -99.9% against ICP -36.5%). Their daily returns move barely in opposite directions (correlation -0.01 across 364 shared trading days). SHM has been the more volatile of the two, at 135% annualised against ICP's 108%.
SHMICP
-0.01over 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 | ICP |
|---|---|---|
| Max drawdown (400d) | -100.0% | -77.4% |
| Risk-adjusted return (90d) | 0.07 | 0.25 |
| Best 30 days (past year) | — | +49.6% |
| Worst 30 days (past year) | — | -62.1% |
Relative strength over 90 days: ICP outperformed SHM by 34.0% — measured on the SHM/ICP ratio, so it holds regardless of market direction.