Ethereum (ETH) is 604051.2× the size of Shyft Network (SHFT) by market capitalisation. Over the past 1 year, ETH is ahead by 47.1 percentage points (SHFT -83.9% against ETH -36.9%). Their daily returns move barely together (correlation 0.31 across 372 shared trading days). SHFT has been the more volatile of the two, at 81% annualised against ETH's 62%.
SHFTETH
0.31over 372 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 | SHFT | ETH |
|---|---|---|
| Max drawdown (400d) | -86.2% | -66.5% |
| Risk-adjusted return (90d) | -0.54 | 0.36 |
| Best 30 days (past year) | +19.4% | +34.1% |
| Worst 30 days (past year) | -54.8% | -44.6% |
Relative strength over 90 days: ETH outperformed SHFT by 36.0% — measured on the SHFT/ETH ratio, so it holds regardless of market direction.