NEAR Protocol (NEAR) is 175356.1× the size of SPL VPN (SPL) by market capitalisation. Their daily returns move barely together (correlation 0.05 across 67 shared trading days). SPL has been the more volatile of the two, at 271% annualised against NEAR's 109%.
SPLNEAR
0.05over 67 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 | SPL | NEAR |
|---|---|---|
| Max drawdown (400d) | -94.8% | -68.7% |
| Risk-adjusted return (90d) | -0.32 | 1.01 |
| Best 30 days (past year) | — | +195.3% |
| Worst 30 days (past year) | — | -48.1% |
Relative strength over 90 days: NEAR outperformed SPL by 95.8% — measured on the SPL/NEAR ratio, so it holds regardless of market direction.