IOTA (IOTA) is 6012.6× the size of SubQuery Network (SQT) by market capitalisation. Over the past 1 year, IOTA is ahead by 27.8 percentage points (SQT -99.0% against IOTA -71.1%). Their daily returns move barely together (correlation 0.06 across 373 shared trading days). SQT has been the more volatile of the two, at 256% annualised against IOTA's 76%.
SQTIOTA
0.06over 373 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 | SQT | IOTA |
|---|---|---|
| Max drawdown (400d) | -99.4% | -83.5% |
| Risk-adjusted return (90d) | -0.36 | 0.13 |
| Best 30 days (past year) | +171.8% | +51.5% |
| Worst 30 days (past year) | -94.5% | -45.9% |
Relative strength over 90 days: IOTA outperformed SQT by 95.6% — measured on the SQT/IOTA ratio, so it holds regardless of market direction.