Ethereum (ETH) is 1918205.5× the size of Smart MFG (MFG) by market capitalisation. Their daily returns move closely together (correlation 0.66 across 35 shared trading days). MFG has been the more volatile of the two, at 90% annualised against ETH's 62%.
MFGETH
0.66over 35 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 | MFG | ETH |
|---|---|---|
| Max drawdown (400d) | -21.7% | -66.5% |
| Risk-adjusted return (90d) | -0.16 | 0.50 |
| Best 30 days (past year) | — | +34.1% |
| Worst 30 days (past year) | — | -44.6% |
Relative strength over 90 days: ETH outperformed MFG by 14.9% — measured on the MFG/ETH ratio, so it holds regardless of market direction.