Chainlink (LINK) is 1784.4× the size of Tokenized BNY Mellon Global Short-Dated High Yield Bond Fund (HYBOND) by market capitalisation. Their daily returns move barely together (correlation 0.24 across 31 shared trading days). LINK has been the more volatile of the two, at 71% annualised against HYBOND's 3%.
$1.7300
HYBONDLINK
0.24over 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 | HYBOND | LINK |
|---|---|---|
| Max drawdown (400d) | -1.1% | -69.2% |
| Risk-adjusted return (90d) | -0.41 | 0.47 |
| Best 30 days (past year) | — | +61.6% |
| Worst 30 days (past year) | — | -43.6% |
Relative strength over 90 days: LINK outperformed HYBOND by 24.6% — measured on the HYBOND/LINK ratio, so it holds regardless of market direction.