Pump.fun (PUMP) is 471.5× the size of Steem Dollars (SBD) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.01 across 32 shared trading days). SBD has been the more volatile of the two, at 200% annualised against PUMP's 127%.
SBDPUMP
-0.01over 32 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 | SBD | PUMP |
|---|---|---|
| Max drawdown (400d) | -27.5% | -83.1% |
| Risk-adjusted return (90d) | 0.08 | 0.55 |
| Best 30 days (past year) | — | +185.0% |
| Worst 30 days (past year) | — | -43.2% |
Relative strength over 90 days: SBD outperformed PUMP by 20.9% — measured on the SBD/PUMP ratio, so it holds regardless of market direction.