Gnosis (GNO) is 24.6× the size of Bitlayer (BTR) by market capitalisation. Their daily returns move barely together (correlation 0.07 across 108 shared trading days). BTR has been the more volatile of the two, at 575% annualised against GNO's 58%.
BTRGNO
0.07over 108 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 | BTR | GNO |
|---|---|---|
| Max drawdown (400d) | -77.1% | -42.5% |
| Risk-adjusted return (90d) | 0.24 | 0.03 |
| Best 30 days (past year) | — | +29.3% |
| Worst 30 days (past year) | — | -32.7% |
Relative strength over 90 days: BTR outperformed GNO by 148.0% — measured on the BTR/GNO ratio, so it holds regardless of market direction.