Virtuals Protocol (VIRTUAL) is 22275.3× the size of Arai (AA) by market capitalisation. Their daily returns move loosely together (correlation 0.58 across 37 shared trading days). AA has been the more volatile of the two, at 289% annualised against VIRTUAL's 119%.
AAVIRTUAL
0.58over 37 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 | AA | VIRTUAL |
|---|---|---|
| Max drawdown (400d) | -72.7% | -71.7% |
| Risk-adjusted return (90d) | -0.21 | 0.04 |
| Best 30 days (past year) | — | +47.4% |
| Worst 30 days (past year) | — | -54.7% |
Relative strength over 90 days: VIRTUAL outperformed AA by 54.6% — measured on the AA/VIRTUAL ratio, so it holds regardless of market direction.