BitcoinX (BTCX) is 10.8× the size of Arcus BTC (1x Long) (PBTC) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.02 across 24 shared trading days). BTCX has been the more volatile of the two, at 165% annualised against PBTC's 29%.
PBTCBTCX
-0.02over 24 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 | PBTC | BTCX |
|---|---|---|
| Max drawdown (400d) | -7.7% | -70.1% |
| Risk-adjusted return (90d) | -0.24 | -0.36 |
Relative strength over 90 days: PBTC outperformed BTCX by 103.3% — measured on the PBTC/BTCX ratio, so it holds regardless of market direction.