Cygnus (CGN) is 1.4× the size of Swell (SWELL) by market capitalisation. Over the past 1 year, CGN is ahead by 1.2 percentage points (SWELL -92.5% against CGN -91.3%). Their daily returns move barely together (correlation 0.04 across 351 shared trading days). SWELL has been the more volatile of the two, at 140% annualised against CGN's 106%.
SWELLCGN
0.04over 351 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 | SWELL | CGN |
|---|---|---|
| Max drawdown (400d) | -93.6% | -92.2% |
| Risk-adjusted return (90d) | -0.08 | -0.30 |
| Best 30 days (past year) | +64.4% | — |
| Worst 30 days (past year) | -60.0% | — |
Relative strength over 90 days: SWELL outperformed CGN by 0.8% — measured on the SWELL/CGN ratio, so it holds regardless of market direction.