The Graph (GRT) is 7142.1× the size of SubQuery Network (SQT) by market capitalisation. Over the past 1 year, GRT is ahead by 32.5 percentage points (SQT -99.0% against GRT -66.5%). Their daily returns move barely together (correlation 0.21 across 373 shared trading days). SQT has been the more volatile of the two, at 256% annualised against GRT's 85%.
SQTGRT
0.21over 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 | GRT |
|---|---|---|
| Max drawdown (400d) | -99.4% | -84.7% |
| Risk-adjusted return (90d) | -0.36 | 0.28 |
| Best 30 days (past year) | +171.8% | +115.0% |
| Worst 30 days (past year) | -94.5% | -41.8% |
Relative strength over 90 days: GRT outperformed SQT by 96.1% — measured on the SQT/GRT ratio, so it holds regardless of market direction.