Virtuals Protocol (VIRTUAL) is 16311.1× the size of Aria (ARIA) by market capitalisation. Their daily returns move barely together (correlation 0.26 across 27 shared trading days). ARIA has been the more volatile of the two, at 510% annualised against VIRTUAL's 119%.
ARIAVIRTUAL
0.26over 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 | ARIA | VIRTUAL |
|---|---|---|
| Max drawdown (400d) | -94.8% | -71.7% |
| Risk-adjusted return (90d) | -0.18 | 0.15 |
| Best 30 days (past year) | — | +47.4% |
| Worst 30 days (past year) | — | -54.7% |
Relative strength over 90 days: VIRTUAL outperformed ARIA by 89.7% — measured on the ARIA/VIRTUAL ratio, so it holds regardless of market direction.