Internet Computer (ICP) is 42745.3× the size of Blockchain Web Services (BWS) by market capitalisation. Their daily returns move barely together (correlation 0.33 across 109 shared trading days). BWS has been the more volatile of the two, at 154% annualised against ICP's 109%.
BWSICP
0.33over 109 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 | BWS | ICP |
|---|---|---|
| Max drawdown (400d) | -78.0% | -77.4% |
| Risk-adjusted return (90d) | -0.43 | 0.17 |
| Best 30 days (past year) | — | +49.6% |
| Worst 30 days (past year) | — | -62.1% |
Relative strength over 90 days: ICP outperformed BWS by 64.3% — measured on the BWS/ICP ratio, so it holds regardless of market direction.