Wave Protocol vs SolonPad

SolonPad (SOLON) is 3.3× the size of Wave Protocol (WAVE) by market capitalisation. Over the past 30 days, SOLON is ahead by 11.4 percentage points (WAVE -84.7% against SOLON -73.3%). Their daily returns move barely together (correlation 0.29 across 43 shared trading days). Both have run at a similar volatility, around 445% annualised.

Correlation: 0.29
Size ratio: 1 : 3.3
Ahead over 30 days: SOLON

Wave ProtocolWAVE

$1.023e-5

24h: -3.35%
Market cap: $10,235
Volume 24h: $133
Volatility (ann.): 436%

SolonPadSOLON

$3.651e-5

24h: +0.18%
Market cap: $33,987
Volume 24h: $1,315
Volatility (ann.): 454%

WAVE 23.1%Share of the two combined market caps76.9% SOLON

Performance

WAVESOLON

7 days-9.45%-16.48%WAVE
30 days-84.74%-73.32%SOLON

Correlation

0.29over 43 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.1490d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	WAVE	SOLON
Max drawdown (400d)	-91.2%	-77.8%
Risk-adjusted return (90d)	-0.21	-0.13

Relative strength over 90 days: SOLON outperformed WAVE by 78.8% — measured on the WAVE/SOLON ratio, so it holds regardless of market direction.

Wave Protocol →SolonPad →