Pyth Network (PYTH) is 1193.3× the size of Xerberus (XER) by market capitalisation. Their daily returns move loosely together (correlation 0.57 across 181 shared trading days). XER has been the more volatile of the two, at 113% annualised against PYTH's 98%.
XERPYTH
0.57over 181 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 | XER | PYTH |
|---|---|---|
| Max drawdown (400d) | -91.7% | -81.1% |
| Risk-adjusted return (90d) | -0.54 | 0.78 |
| Best 30 days (past year) | — | +76.8% |
| Worst 30 days (past year) | — | -46.7% |
Relative strength over 90 days: PYTH outperformed XER by 70.1% — measured on the XER/PYTH ratio, so it holds regardless of market direction.