Virtuals Protocol (VIRTUAL) is 17.5× the size of CARV (CARV) by market capitalisation. Their daily returns move closely together (correlation 0.62 across 43 shared trading days). VIRTUAL has been the more volatile of the two, at 119% annualised against CARV's 82%.
CARVVIRTUAL
0.62over 43 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 | CARV | VIRTUAL |
|---|---|---|
| Max drawdown (400d) | -31.4% | -71.7% |
| Risk-adjusted return (90d) | -0.05 | 0.04 |
| Best 30 days (past year) | — | +47.4% |
| Worst 30 days (past year) | — | -54.7% |
Relative strength over 90 days: CARV outperformed VIRTUAL by 13.2% — measured on the CARV/VIRTUAL ratio, so it holds regardless of market direction.