Bazaars (BZR) and VERONICA by Virtuals (VERONICA) compared side by side. Their daily returns move barely together (correlation 0.28 across 179 shared trading days). VERONICA has been the more volatile of the two, at 100% annualised against BZR's 86%.
BZRVERONICA
0.28over 179 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 | BZR | VERONICA |
|---|---|---|
| Max drawdown (400d) | -41.0% | -69.5% |
| Risk-adjusted return (90d) | 0.36 | -0.10 |
Relative strength over 90 days: BZR outperformed VERONICA by 28.2% — measured on the BZR/VERONICA ratio, so it holds regardless of market direction.