Immutable (IMX) is 4263.4× the size of Webcade (TOKEN) by market capitalisation. Their daily returns move loosely together (correlation 0.41 across 34 shared trading days). TOKEN has been the more volatile of the two, at 642% annualised against IMX's 90%.
TOKENIMX
0.41over 34 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 | TOKEN | IMX |
|---|---|---|
| Max drawdown (400d) | -81.1% | -87.2% |
| Risk-adjusted return (90d) | -0.09 | 0.13 |
| Best 30 days (past year) | — | +67.7% |
| Worst 30 days (past year) | — | -50.4% |
Relative strength over 90 days: IMX outperformed TOKEN by 42.4% — measured on the TOKEN/IMX ratio, so it holds regardless of market direction.