Virtuals Protocol (VIRTUAL) is 3264.4× the size of Cod3x (CDX) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.09 across 34 shared trading days). CDX has been the more volatile of the two, at 216% annualised against VIRTUAL's 119%.
CDXVIRTUAL
-0.09over 34 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 | CDX | VIRTUAL |
|---|---|---|
| Max drawdown (400d) | -69.6% | -71.7% |
| Risk-adjusted return (90d) | -0.30 | 0.04 |
| Best 30 days (past year) | — | +47.4% |
| Worst 30 days (past year) | — | -54.7% |
Relative strength over 90 days: VIRTUAL outperformed CDX by 53.9% — measured on the CDX/VIRTUAL ratio, so it holds regardless of market direction.