Ethereum (ETH) is 19306.0× the size of Songbird (SGB) by market capitalisation. Over the past 1 year, ETH is ahead by 40.1 percentage points (SGB -77.0% against ETH -36.9%). Their daily returns move barely together (correlation 0.29 across 363 shared trading days). SGB has been the more volatile of the two, at 113% annualised against ETH's 62%.
SGBETH
0.29over 363 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 | SGB | ETH |
|---|---|---|
| Max drawdown (400d) | -87.3% | -66.5% |
| Risk-adjusted return (90d) | -0.03 | 0.36 |
| Best 30 days (past year) | — | +34.1% |
| Worst 30 days (past year) | — | -44.6% |
Relative strength over 90 days: ETH outperformed SGB by 43.5% — measured on the SGB/ETH ratio, so it holds regardless of market direction.