Bitway (BTW) is 135.7× the size of Depinsim (ESIM) by market capitalisation. Their daily returns move barely together (correlation 0.15 across 44 shared trading days). Both have run at a similar volatility, around 342% annualised.
ESIMBTW
0.15over 44 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 | ESIM | BTW |
|---|---|---|
| Max drawdown (400d) | -68.6% | -60.7% |
| Risk-adjusted return (90d) | 0.65 | 0.43 |
Relative strength over 90 days: ESIM outperformed BTW by 50.7% — measured on the ESIM/BTW ratio, so it holds regardless of market direction.