NEAR Protocol (NEAR) is 2305.2× the size of Sleepless AI (AI) by market capitalisation. Their daily returns move barely together (correlation 0.27 across 40 shared trading days). NEAR has been the more volatile of the two, at 108% annualised against AI's 55%.
AINEAR
0.27over 40 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 | AI | NEAR |
|---|---|---|
| Max drawdown (400d) | -16.5% | -68.7% |
| Risk-adjusted return (90d) | -0.09 | 0.98 |
| Best 30 days (past year) | — | +195.3% |
| Worst 30 days (past year) | — | -48.1% |
Relative strength over 90 days: NEAR outperformed AI by 54.8% — measured on the AI/NEAR ratio, so it holds regardless of market direction.