Bitcoin (BTC) is 338221.9× the size of Alephium (ALPH) by market capitalisation. Over the past 1 year, BTC is ahead by 54.3 percentage points (ALPH -81.6% against BTC -27.3%). Their daily returns move barely together (correlation 0.28 across 373 shared trading days). ALPH has been the more volatile of the two, at 111% annualised against BTC's 44%.
ALPHBTC
0.28over 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 | ALPH | BTC |
|---|---|---|
| Max drawdown (400d) | -86.3% | -53.0% |
| Risk-adjusted return (90d) | -0.10 | 0.51 |
| Best 30 days (past year) | +99.9% | +26.8% |
| Worst 30 days (past year) | -42.3% | -32.9% |
Relative strength over 90 days: BTC outperformed ALPH by 26.9% — measured on the ALPH/BTC ratio, so it holds regardless of market direction.