Chainlink (LINK) is 13405.6× the size of Ticker Spring (SPRING) by market capitalisation. Their daily returns move barely together (correlation 0.32 across 36 shared trading days). SPRING has been the more volatile of the two, at 253% annualised against LINK's 71%.
SPRINGLINK
0.32over 36 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 | SPRING | LINK |
|---|---|---|
| Max drawdown (400d) | -46.0% | -69.2% |
| Risk-adjusted return (90d) | 0.11 | 0.53 |
| Best 30 days (past year) | — | +61.6% |
| Worst 30 days (past year) | — | -43.6% |
Relative strength over 90 days: SPRING outperformed LINK by 60.5% — measured on the SPRING/LINK ratio, so it holds regardless of market direction.