Energy Web Token (EWT) is 223.0× the size of XELS (XELS) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.27 across 32 shared trading days). EWT has been the more volatile of the two, at 96% annualised against XELS's 50%.
XELSEWT
-0.27over 32 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 | XELS | EWT |
|---|---|---|
| Max drawdown (400d) | -78.2% | -21.1% |
| Risk-adjusted return (90d) | -0.80 | 0.00 |
Relative strength over 90 days: EWT outperformed XELS by 19.4% — measured on the XELS/EWT ratio, so it holds regardless of market direction.