Nexus Mutual (NXM) is 992.1× the size of UNION Protocol Governance (UNN) by market capitalisation. Their daily returns move closely together (correlation 0.77 across 45 shared trading days). UNN has been the more volatile of the two, at 91% annualised against NXM's 54%.
$0.000104
UNNNXM
0.77over 45 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 | UNN | NXM |
|---|---|---|
| Max drawdown (400d) | -64.4% | -17.2% |
| Risk-adjusted return (90d) | -0.57 | 0.39 |
| Best 30 days (past year) | +95.9% | — |
| Worst 30 days (past year) | -59.5% | — |
Relative strength over 90 days: NXM outperformed UNN by 58.5% — measured on the UNN/NXM ratio, so it holds regardless of market direction.