Maple Finance (SYRUP) is 28.4× the size of Turtle (TURTLE) by market capitalisation. Over the past 1 year, SYRUP is ahead by 2.0 percentage points (TURTLE -62.7% against SYRUP -60.7%). Their daily returns move barely together (correlation 0.29 across 378 shared trading days). Both have run at a similar volatility, around 88% annualised.
TURTLESYRUP
0.29over 378 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 | TURTLE | SYRUP |
|---|---|---|
| Max drawdown (400d) | -83.8% | -74.3% |
| Risk-adjusted return (90d) | -0.27 | 0.00 |
| Best 30 days (past year) | +45.4% | +52.7% |
| Worst 30 days (past year) | -51.0% | -49.6% |
Relative strength over 90 days: SYRUP outperformed TURTLE by 15.9% — measured on the TURTLE/SYRUP ratio, so it holds regardless of market direction.