Pyth Network (PYTH) is 138310.1× the size of SimiliScan (SMS) by market capitalisation. Their daily returns move loosely together (correlation 0.37 across 90 shared trading days). SMS has been the more volatile of the two, at 254% annualised against PYTH's 98%.
SMSPYTH
0.37over 90 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 | SMS | PYTH |
|---|---|---|
| Max drawdown (400d) | -98.8% | -81.1% |
| Risk-adjusted return (90d) | -0.38 | 0.78 |
| Best 30 days (past year) | — | +76.8% |
| Worst 30 days (past year) | — | -46.7% |
Relative strength over 90 days: PYTH outperformed SMS by 94.4% — measured on the SMS/PYTH ratio, so it holds regardless of market direction.