Token Name Service (TKN) and Bonfida (FIDA) compared side by side. Their daily returns move loosely together (correlation 0.49 across 31 shared trading days). FIDA has been the more volatile of the two, at 125% annualised against TKN's 81%.
TKNFIDA
0.49over 31 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 | TKN | FIDA |
|---|---|---|
| Max drawdown (400d) | -9.3% | -85.4% |
| Risk-adjusted return (90d) | 0.46 | -0.19 |
| Best 30 days (past year) | — | +147.3% |
| Worst 30 days (past year) | — | -53.4% |
Relative strength over 90 days: TKN outperformed FIDA by 33.6% — measured on the TKN/FIDA ratio, so it holds regardless of market direction.