Deri Protocol (DERI) is 45.4× the size of Talis (TALIS) by market capitalisation. Their daily returns move loosely together (correlation 0.45 across 24 shared trading days). TALIS has been the more volatile of the two, at 204% annualised against DERI's 49%.
TALISDERI
0.45over 24 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 | TALIS | DERI |
|---|---|---|
| Max drawdown (400d) | -69.2% | -13.1% |
| Risk-adjusted return (90d) | -0.34 | -0.18 |
Relative strength over 90 days: DERI outperformed TALIS by 36.3% — measured on the TALIS/DERI ratio, so it holds regardless of market direction.