Ethereum (ETH) is 160924.7× the size of Bellscoin (BELLS) by market capitalisation. Over the past 1 year, ETH is ahead by 50.3 percentage points (BELLS -87.2% against ETH -36.9%). Their daily returns move barely together (correlation 0.32 across 365 shared trading days). BELLS has been the more volatile of the two, at 113% annualised against ETH's 62%.
BELLSETH
0.32over 365 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 | BELLS | ETH |
|---|---|---|
| Max drawdown (400d) | -87.5% | -66.5% |
| Risk-adjusted return (90d) | -0.36 | 0.36 |
| Best 30 days (past year) | — | +34.1% |
| Worst 30 days (past year) | — | -44.6% |
Relative strength over 90 days: ETH outperformed BELLS by 67.1% — measured on the BELLS/ETH ratio, so it holds regardless of market direction.