Ethereum (ETH) is 3316.4× the size of Stronghold (SHX) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.01 across 55 shared trading days). SHX has been the more volatile of the two, at 112% annualised against ETH's 62%.
SHXETH
-0.01over 55 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 | SHX | ETH |
|---|---|---|
| Max drawdown (400d) | -29.6% | -66.5% |
| Risk-adjusted return (90d) | 0.32 | 0.36 |
| Best 30 days (past year) | — | +34.1% |
| Worst 30 days (past year) | — | -44.6% |
Relative strength over 90 days: SHX outperformed ETH by 34.5% — measured on the SHX/ETH ratio, so it holds regardless of market direction.