Bio Protocol (BIO) is 35.4× the size of SpineDAO Token (SPINE) by market capitalisation. Their daily returns move closely together (correlation 0.85 across 40 shared trading days). Both have run at a similar volatility, around 139% annualised.
SPINEBIO
0.85over 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 | SPINE | BIO |
|---|---|---|
| Max drawdown (400d) | -39.4% | -89.5% |
| Risk-adjusted return (90d) | -0.27 | -0.17 |
| Best 30 days (past year) | — | +253.8% |
| Worst 30 days (past year) | — | -52.7% |
Relative strength over 90 days: BIO outperformed SPINE by 21.0% — measured on the SPINE/BIO ratio, so it holds regardless of market direction.