KernelDAO (KERNEL) is 3.5× the size of Swell (SWELL) by market capitalisation. Over the past 1 year, KERNEL is ahead by 35.5 percentage points (SWELL -92.5% against KERNEL -57.0%). Their daily returns move barely together (correlation 0.23 across 373 shared trading days). SWELL has been the more volatile of the two, at 140% annualised against KERNEL's 109%.
SWELLKERNEL
0.23over 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 | KERNEL |
|---|---|---|
| Max drawdown (400d) | -93.6% | -86.2% |
| Risk-adjusted return (90d) | -0.08 | 0.41 |
| Best 30 days (past year) | +64.4% | +79.7% |
| Worst 30 days (past year) | -60.0% | -48.1% |
Relative strength over 90 days: KERNEL outperformed SWELL by 16.6% — measured on the SWELL/KERNEL ratio, so it holds regardless of market direction.