Marina Protocol (BAY) is 43.8× the size of SyncVault (SVTS) by market capitalisation. Their daily returns move barely together (correlation 0.03 across 28 shared trading days). BAY has been the more volatile of the two, at 202% annualised against SVTS's 41%.
SVTSBAY
0.03over 28 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 | SVTS | BAY |
|---|---|---|
| Max drawdown (400d) | -6.7% | -95.7% |
| Risk-adjusted return (90d) | 0.16 | 1.02 |
Relative strength over 90 days: BAY outperformed SVTS by 19.2% — measured on the SVTS/BAY ratio, so it holds regardless of market direction.