Chainlink (LINK) is 22135.5× the size of Swarm Markets (SMT) by market capitalisation. Their daily returns move loosely together (correlation 0.60 across 39 shared trading days). SMT has been the more volatile of the two, at 291% annualised against LINK's 71%.
SMTLINK
0.60over 39 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 | SMT | LINK |
|---|---|---|
| Max drawdown (400d) | -69.6% | -69.2% |
| Risk-adjusted return (90d) | -0.17 | 0.47 |
| Best 30 days (past year) | — | +61.6% |
| Worst 30 days (past year) | — | -43.6% |
Relative strength over 90 days: LINK outperformed SMT by 48.2% — measured on the SMT/LINK ratio, so it holds regardless of market direction.