THORChain (RUNE) is 6.4× the size of Synapse (SYN) by market capitalisation. Over the past 1 year, SYN is ahead by 157.4 percentage points (SYN +138.2% against RUNE -19.2%). 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 RUNE's 75%.
SYNRUNE
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 | RUNE |
|---|---|---|
| Max drawdown (400d) | -86.0% | -73.7% |
| Risk-adjusted return (90d) | 0.04 | 0.50 |
| Best 30 days (past year) | +1149.7% | +66.7% |
| Worst 30 days (past year) | -83.1% | -42.7% |
Relative strength over 90 days: RUNE outperformed SYN by 23.7% — measured on the SYN/RUNE ratio, so it holds regardless of market direction.