Internet Computer (ICP) is 174.2× the size of Silencio (SLC) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.28 across 107 shared trading days). SLC has been the more volatile of the two, at 256% annualised against ICP's 108%.
SLCICP
-0.28over 107 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 | SLC | ICP |
|---|---|---|
| Max drawdown (400d) | -33.0% | -77.4% |
| Risk-adjusted return (90d) | 2.49 | 0.25 |
| Best 30 days (past year) | — | +49.6% |
| Worst 30 days (past year) | — | -62.1% |
Relative strength over 90 days: SLC outperformed ICP by 593.3% — measured on the SLC/ICP ratio, so it holds regardless of market direction.