Brett (BRETT) is 2818.8× the size of Coinbread (BREAD) by market capitalisation. Their daily returns move barely together (correlation 0.34 across 27 shared trading days). BREAD has been the more volatile of the two, at 134% annualised against BRETT's 100%.
BREADBRETT
0.34over 27 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 | BREAD | BRETT |
|---|---|---|
| Max drawdown (400d) | -72.5% | -31.9% |
| Risk-adjusted return (90d) | -0.04 | -0.04 |
Relative strength over 90 days: BRETT outperformed BREAD by 39.4% — measured on the BREAD/BRETT ratio, so it holds regardless of market direction.