Ether.fi (ETHFI) is 183.6× the size of Swell (SWELL) by market capitalisation. Over the past 1 year, ETHFI is ahead by 59.6 percentage points (SWELL -92.5% against ETHFI -32.9%). Their daily returns move barely together (correlation 0.24 across 373 shared trading days). SWELL has been the more volatile of the two, at 140% annualised against ETHFI's 100%.
SWELLETHFI
0.24over 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 | SWELL | ETHFI |
|---|---|---|
| Max drawdown (400d) | -93.6% | -84.3% |
| Risk-adjusted return (90d) | -0.08 | 0.54 |
| Best 30 days (past year) | +64.4% | +78.6% |
| Worst 30 days (past year) | -60.0% | -46.6% |
Relative strength over 90 days: ETHFI outperformed SWELL by 37.0% — measured on the SWELL/ETHFI ratio, so it holds regardless of market direction.