Bit Hotel (BTH) and Bitcoin (BTC) compared side by side. Their daily returns move barely together (correlation 0.22 across 30 shared trading days). BTH has been the more volatile of the two, at 77% annualised against BTC's 44%.
BTHBTC
0.22over 30 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 | BTH | BTC |
|---|---|---|
| Max drawdown (400d) | -7.6% | -53.0% |
| Risk-adjusted return (90d) | 0.25 | 0.51 |
| Best 30 days (past year) | — | +26.8% |
| Worst 30 days (past year) | — | -32.9% |
Relative strength over 90 days: BTH outperformed BTC by 30.8% — measured on the BTH/BTC ratio, so it holds regardless of market direction.