Bitcoin (BTC) is 16194100.1× the size of Archway (ARCH) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.15 across 31 shared trading days). ARCH has been the more volatile of the two, at 94% annualised against BTC's 44%.
ARCHBTC
-0.15over 31 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 | ARCH | BTC |
|---|---|---|
| Max drawdown (400d) | -15.5% | -53.0% |
| Risk-adjusted return (90d) | -0.03 | 0.63 |
| Best 30 days (past year) | — | +26.8% |
| Worst 30 days (past year) | — | -32.9% |
Relative strength over 90 days: BTC outperformed ARCH by 9.7% — measured on the ARCH/BTC ratio, so it holds regardless of market direction.