THORChain Yield vs Nest BlackOpal LiquidStone II Vault

Nest BlackOpal LiquidStone II Vault (NOPAL) is 3.2× the size of THORChain Yield (TCY) by market capitalisation. Over the past 30 days, TCY is ahead by 0.5 percentage points (TCY +1.8% against NOPAL +1.3%). Their daily returns move barely in opposite directions (correlation -0.34 across 46 shared trading days). TCY has been the more volatile of the two, at 130% annualised against NOPAL's 2%.

Correlation: -0.34
Size ratio: 1 : 3.2
Ahead over 30 days: TCY

THORChain YieldTCY

$0.187081

24h: +8.97%
Market cap: $34.69M
Volume 24h: $220,716
Volatility (ann.): 130%

Nest BlackOpal LiquidStone II VaultNOPAL

$1.1100

24h: +0.04%
Market cap: $111.90M
Volume 24h: —
Volatility (ann.): 2%

TCY 23.7%Share of the two combined market caps76.3% NOPAL

Performance

TCYNOPAL

7 days-7.32%+0.00%NOPAL
30 days+1.82%+1.28%TCY

Correlation

-0.34over 46 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.4290d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	TCY	NOPAL
Max drawdown (400d)	-31.7%	0.0%
Risk-adjusted return (90d)	0.13	0.82

Relative strength over 90 days: TCY outperformed NOPAL by 14.7% — measured on the TCY/NOPAL ratio, so it holds regardless of market direction.

THORChain Yield →Nest BlackOpal LiquidStone II Vault →