Synapse (SYN) is 2259.5× the size of Router Protocol (ROUTE) by market capitalisation. Their daily returns move closely in opposite directions (correlation -0.61 across 189 shared trading days). Both have run at a similar volatility, around 204% annualised.
SYNROUTE
-0.61over 189 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 | ROUTE |
|---|---|---|
| Max drawdown (400d) | -86.0% | -99.3% |
| Risk-adjusted return (90d) | 0.04 | -0.39 |
| Best 30 days (past year) | +1149.7% | — |
| Worst 30 days (past year) | -83.1% | — |
Relative strength over 90 days: SYN outperformed ROUTE by 26075.8% — measured on the SYN/ROUTE ratio, so it holds regardless of market direction.