Pyth Network (PYTH) is 21652.6× the size of Velvet AI (VELAI) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.09 across 27 shared trading days). VELAI has been the more volatile of the two, at 140% annualised against PYTH's 98%.
VELAIPYTH
-0.09over 27 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 | VELAI | PYTH |
|---|---|---|
| Max drawdown (400d) | -48.7% | -81.1% |
| Risk-adjusted return (90d) | -0.28 | 0.78 |
| Best 30 days (past year) | — | +76.8% |
| Worst 30 days (past year) | — | -46.7% |
Relative strength over 90 days: PYTH outperformed VELAI by 32.7% — measured on the VELAI/PYTH ratio, so it holds regardless of market direction.