Lido DAO (LDO) is 56.9× the size of Treehouse (TREE) by market capitalisation. Their daily returns move barely together (correlation 0.31 across 110 shared trading days). Both have run at a similar volatility, around 98% annualised.
TREELDO
0.31over 110 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 | TREE | LDO |
|---|---|---|
| Max drawdown (400d) | -43.8% | -81.5% |
| Risk-adjusted return (90d) | -0.21 | 0.14 |
| Best 30 days (past year) | — | +58.2% |
| Worst 30 days (past year) | — | -51.2% |
Relative strength over 90 days: LDO outperformed TREE by 29.8% — measured on the TREE/LDO ratio, so it holds regardless of market direction.