Tap Protocol (TAP) and Filecoin (FIL) compared side by side. Their daily returns move barely in opposite directions (correlation -0.08 across 31 shared trading days). FIL has been the more volatile of the two, at 125% annualised against TAP's 62%.
TAPFIL
-0.08over 31 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 | TAP | FIL |
|---|---|---|
| Max drawdown (400d) | -15.7% | -81.4% |
| Risk-adjusted return (90d) | -0.14 | 0.19 |
| Best 30 days (past year) | — | +66.2% |
| Worst 30 days (past year) | — | -57.1% |
Relative strength over 90 days: FIL outperformed TAP by 33.5% — measured on the TAP/FIL ratio, so it holds regardless of market direction.