Mantle (MNT) is 15496.9× the size of Swan Chain (SWAN) by market capitalisation. Their daily returns move barely together (correlation 0.28 across 35 shared trading days). SWAN has been the more volatile of the two, at 137% annualised against MNT's 99%.
SWANMNT
0.28over 35 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 | SWAN | MNT |
|---|---|---|
| Max drawdown (400d) | -91.8% | -31.8% |
| Risk-adjusted return (90d) | -0.46 | 0.08 |
Relative strength over 90 days: MNT outperformed SWAN by 30.2% — measured on the SWAN/MNT ratio, so it holds regardless of market direction.