Bitcoin (BTC) is 31336137.1× the size of 8Pay (8PAY) by market capitalisation. Their daily returns move loosely together (correlation 0.44 across 147 shared trading days). 8PAY has been the more volatile of the two, at 111% annualised against BTC's 44%.
8PAYBTC
0.44over 147 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 | 8PAY | BTC |
|---|---|---|
| Max drawdown (400d) | -81.7% | -53.0% |
| Risk-adjusted return (90d) | -0.44 | 0.63 |
| Best 30 days (past year) | — | +26.8% |
| Worst 30 days (past year) | — | -32.9% |
Relative strength over 90 days: BTC outperformed 8PAY by 27.1% — measured on the 8PAY/BTC ratio, so it holds regardless of market direction.