Bitway (BTW) is 15540.4× the size of CrossSwap (CSWAP) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.26 across 30 shared trading days). Both have run at a similar volatility, around 379% annualised.
CSWAPBTW
-0.26over 30 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 | CSWAP | BTW |
|---|---|---|
| Max drawdown (400d) | -89.0% | -60.7% |
| Risk-adjusted return (90d) | 0.01 | 0.48 |
Relative strength over 90 days: BTW outperformed CSWAP by 62.5% — measured on the CSWAP/BTW ratio, so it holds regardless of market direction.