Sky (SKY) is 106.2× the size of Solayer (LAYER) by market capitalisation. Over the past 1 year, SKY is ahead by 94.8 percentage points (LAYER -73.4% against SKY +21.5%). Their daily returns move barely together (correlation 0.32 across 399 shared trading days). LAYER has been the more volatile of the two, at 93% annualised against SKY's 73%.
LAYERSKY
0.32over 399 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 | LAYER | SKY |
|---|---|---|
| Max drawdown (400d) | -86.7% | -44.9% |
| Risk-adjusted return (90d) | -0.09 | 0.20 |
| Best 30 days (past year) | +49.4% | +59.9% |
| Worst 30 days (past year) | -56.7% | -33.0% |
Relative strength over 90 days: SKY outperformed LAYER by 18.5% — measured on the LAYER/SKY ratio, so it holds regardless of market direction.