Ethereum (ETH) is 172240.8× the size of Test Liquid Staking (TLS) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.15 across 21 shared trading days). TLS has been the more volatile of the two, at 97% annualised against ETH's 62%.
TLSETH
-0.15over 21 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 | TLS | ETH |
|---|---|---|
| Max drawdown (400d) | -36.4% | -66.5% |
| Risk-adjusted return (90d) | -0.32 | 0.43 |
| Best 30 days (past year) | — | +34.1% |
| Worst 30 days (past year) | — | -44.6% |
Relative strength over 90 days: ETH outperformed TLS by 24.6% — measured on the TLS/ETH ratio, so it holds regardless of market direction.