CyberDragon Gold (GOLD) and Bitcoin (BTC) compared side by side. Their daily returns move barely in opposite directions (correlation -0.03 across 32 shared trading days). Both have run at a similar volatility, around 46% annualised.
GOLDBTC
-0.03over 32 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 | GOLD | BTC |
|---|---|---|
| Max drawdown (400d) | -9.3% | -53.0% |
| Risk-adjusted return (90d) | -0.03 | 0.51 |
| Best 30 days (past year) | — | +26.8% |
| Worst 30 days (past year) | — | -32.9% |
Relative strength over 90 days: GOLD outperformed BTC by 10.3% — measured on the GOLD/BTC ratio, so it holds regardless of market direction.