Backpack vs WhiteBIT Coin

WhiteBIT Coin (WBT) is 39.7× the size of Backpack (BP) by market capitalisation. Over the past 30 days, BP is ahead by 73.3 percentage points (BP +66.5% against WBT -6.8%). Their daily returns move barely together (correlation 0.32 across 56 shared trading days). BP has been the more volatile of the two, at 504% annualised against WBT's 59%.

Correlation: 0.32
Size ratio: 1 : 39.7
Ahead over 30 days: BP

BackpackBP

$0.902769

24h: +3.32%
Market cap: $225.69M
Volume 24h: $4.97M
Volatility (ann.): 504%

WhiteBIT CoinWBT

$75.4500

24h: +1.94%
Market cap: $8.96B
Volume 24h: $131.94M
Volatility (ann.): 59%

BP 2.5%Share of the two combined market caps97.5% WBT

Performance

BPWBT

7 days-5.55%-3.75%WBT
30 days+66.51%-6.78%BP

Correlation

0.32over 56 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.6890d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	BP	WBT
Max drawdown (400d)	-35.1%	-12.4%
Risk-adjusted return (90d)	0.27	0.62

Relative strength over 90 days: BP outperformed WBT by 75.7% — measured on the BP/WBT ratio, so it holds regardless of market direction.

Backpack →WhiteBIT Coin →