Bitcoin (BTC) is 9113.3× the size of Convex Finance (CVX) by market capitalisation. Over the past 1 year, BTC is ahead by 18.8 percentage points (CVX -48.6% against BTC -29.7%). Their daily returns move closely together (correlation 0.60 across 399 shared trading days). CVX has been the more volatile of the two, at 104% annualised against BTC's 44%.
| Period | CVX | BTC | Ahead |
|---|---|---|---|
| 7 days | -2.93% | +5.14% | BTC |
| 30 days | +18.81% | +11.26% | CVX |
| 90 days | +63.38% | +28.33% | CVX |
| 1 year | -48.55% | -29.73% | BTC |
| Metric | CVX | BTC |
|---|---|---|
| Max drawdown (400d) | -75.3% | -53.0% |
| Risk-adjusted return (90d) | 0.67 | 0.74 |
| Best 30 days (past year) | +88.3% | +26.8% |
| Worst 30 days (past year) | -48.1% | -32.9% |
Relative strength over 90 days: CVX outperformed BTC by 27.3% — measured on the CVX/BTC ratio, so it holds regardless of market direction.
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.