Bitcoin (BTC) is 63445910.4× the size of BlackWork (BLWK) by market capitalisation. Their daily returns move closely together (correlation 0.62 across 136 shared trading days). BLWK has been the more volatile of the two, at 93% annualised against BTC's 44%.
BLWKBTC
0.62over 136 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 | BLWK | BTC |
|---|---|---|
| Max drawdown (400d) | -64.5% | -53.0% |
| Risk-adjusted return (90d) | -0.33 | 0.63 |
| Best 30 days (past year) | — | +26.8% |
| Worst 30 days (past year) | — | -32.9% |
Relative strength over 90 days: BTC outperformed BLWK by 19.9% — measured on the BLWK/BTC ratio, so it holds regardless of market direction.