Bitway (BTW) is 2237.4× the size of Arcadia (AAA) by market capitalisation. Over the past 30 days, BTW is ahead by 24.3 percentage points (AAA +21.1% against BTW +45.5%). Their daily returns move loosely together (correlation 0.37 across 27 shared trading days). Both have run at a similar volatility, around 346% annualised.
AAABTW
0.37over 27 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 | AAA | BTW |
|---|---|---|
| Max drawdown (400d) | -49.9% | -60.7% |
| Risk-adjusted return (90d) | 0.28 | 0.48 |
Relative strength over 90 days: BTW outperformed AAA by 19.9% — measured on the AAA/BTW ratio, so it holds regardless of market direction.