Virtuals Protocol (VIRTUAL) is 15986.7× the size of ClawdBIOS (CBIOS) by market capitalisation. Their daily returns move loosely together (correlation 0.37 across 48 shared trading days). CBIOS has been the more volatile of the two, at 174% annualised against VIRTUAL's 119%.
CBIOSVIRTUAL
0.37over 48 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 | CBIOS | VIRTUAL |
|---|---|---|
| Max drawdown (400d) | -61.1% | -71.7% |
| Risk-adjusted return (90d) | -0.30 | 0.06 |
| Best 30 days (past year) | — | +47.4% |
| Worst 30 days (past year) | — | -54.7% |
Relative strength over 90 days: VIRTUAL outperformed CBIOS by 56.1% — measured on the CBIOS/VIRTUAL ratio, so it holds regardless of market direction.