Filecoin (FIL) is 986.4× the size of Tea Protocol (TEA) by market capitalisation. Their daily returns move barely together (correlation 0.07 across 102 shared trading days). FIL has been the more volatile of the two, at 125% annualised against TEA's 53%.
TEAFIL
0.07over 102 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 | TEA | FIL |
|---|---|---|
| Max drawdown (400d) | -36.0% | -81.4% |
| Risk-adjusted return (90d) | -0.23 | 0.19 |
| Best 30 days (past year) | — | +66.2% |
| Worst 30 days (past year) | — | -57.1% |
Relative strength over 90 days: FIL outperformed TEA by 20.6% — measured on the TEA/FIL ratio, so it holds regardless of market direction.