Gram (prev. Toncoin) (GRAM) is 121.0× the size of Terra (LUNA) by market capitalisation. Their daily returns move loosely together (correlation 0.41 across 125 shared trading days). LUNA has been the more volatile of the two, at 104% annualised against GRAM's 56%.
LUNAGRAM
0.41over 125 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 | LUNA | GRAM |
|---|---|---|
| Max drawdown (400d) | -80.3% | -34.8% |
| Risk-adjusted return (90d) | -0.05 | -0.28 |
| Best 30 days (past year) | +113.8% | — |
| Worst 30 days (past year) | -53.5% | — |
Relative strength over 90 days: LUNA outperformed GRAM by 14.7% — measured on the LUNA/GRAM ratio, so it holds regardless of market direction.