Backpack (BP) is 359.0× the size of Solvex Network (SOLVEX) by market capitalisation. Their daily returns move loosely together (correlation 0.56 across 35 shared trading days). BP has been the more volatile of the two, at 504% annualised against SOLVEX's 78%.
SOLVEXBP
0.56over 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 | SOLVEX | BP |
|---|---|---|
| Max drawdown (400d) | -47.6% | -35.1% |
| Risk-adjusted return (90d) | 0.03 | 0.27 |
Relative strength over 90 days: BP outperformed SOLVEX by 66.3% — measured on the SOLVEX/BP ratio, so it holds regardless of market direction.