Injective (INJ) is 3.4× the size of Terra Luna Classic (LUNC) by market capitalisation. Over the past 1 year, INJ is ahead by 2.6 percentage points (LUNC +5.0% against INJ +7.5%). Their daily returns move barely together (correlation 0.33 across 399 shared trading days). LUNC has been the more volatile of the two, at 125% annualised against INJ's 100%.
LUNCINJ
0.33over 399 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 | LUNC | INJ |
|---|---|---|
| Max drawdown (400d) | -64.7% | -79.5% |
| Risk-adjusted return (90d) | -0.31 | 0.46 |
| Best 30 days (past year) | +213.0% | +92.8% |
| Worst 30 days (past year) | -42.5% | -46.8% |
Relative strength over 90 days: INJ outperformed LUNC by 44.7% — measured on the LUNC/INJ ratio, so it holds regardless of market direction.