RaveDAO (RAVE) is 137.0× the size of Three Kingdoms (3KDS) by market capitalisation. Their daily returns move barely together (correlation 0.29 across 35 shared trading days). 3KDS has been the more volatile of the two, at 224% annualised against RAVE's 89%.
3KDSRAVE
0.29over 35 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 | 3KDS | RAVE |
|---|---|---|
| Max drawdown (400d) | -86.9% | -56.3% |
| Risk-adjusted return (90d) | -0.15 | -0.60 |
Relative strength over 90 days: 3KDS outperformed RAVE by 28.9% — measured on the 3KDS/RAVE ratio, so it holds regardless of market direction.