Internet Computer (ICP) is 1540.7× the size of XL1 (XL1) by market capitalisation. Over the past 1 year, ICP is ahead by 47.9 percentage points (XL1 -84.4% against ICP -36.5%). Their daily returns move barely together (correlation 0.32 across 373 shared trading days). ICP has been the more volatile of the two, at 108% annualised against XL1's 73%.
XL1ICP
0.32over 373 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 | XL1 | ICP |
|---|---|---|
| Max drawdown (400d) | -87.3% | -77.4% |
| Risk-adjusted return (90d) | -0.35 | 0.25 |
| Best 30 days (past year) | +64.9% | +49.6% |
| Worst 30 days (past year) | -57.6% | -62.1% |
Relative strength over 90 days: ICP outperformed XL1 by 34.2% — measured on the XL1/ICP ratio, so it holds regardless of market direction.