Virtuals Protocol (VIRTUAL) is 3425.0× the size of AIR3 AIRewardrop (AIR3) by market capitalisation. Their daily returns move loosely together (correlation 0.37 across 34 shared trading days). VIRTUAL has been the more volatile of the two, at 119% annualised against AIR3's 58%.
AIR3VIRTUAL
0.37over 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 | AIR3 | VIRTUAL |
|---|---|---|
| Max drawdown (400d) | -47.0% | -71.7% |
| Risk-adjusted return (90d) | -0.76 | 0.06 |
| Best 30 days (past year) | — | +47.4% |
| Worst 30 days (past year) | — | -54.7% |
Relative strength over 90 days: VIRTUAL outperformed AIR3 by 27.0% — measured on the AIR3/VIRTUAL ratio, so it holds regardless of market direction.