CoW Protocol (COW) is 2.1× the size of Synapse (SYN) by market capitalisation. Over the past 1 year, SYN is ahead by 178.0 percentage points (SYN +138.2% against COW -39.8%). Their daily returns move barely together (correlation 0.16 across 399 shared trading days). SYN has been the more volatile of the two, at 206% annualised against COW's 87%.
SYNCOW
0.16over 399 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 | SYN | COW |
|---|---|---|
| Max drawdown (400d) | -86.0% | -66.0% |
| Risk-adjusted return (90d) | 0.04 | 0.10 |
| Best 30 days (past year) | +1149.7% | +64.8% |
| Worst 30 days (past year) | -83.1% | -41.9% |
Relative strength over 90 days: COW outperformed SYN by 2.0% — measured on the SYN/COW ratio, so it holds regardless of market direction.