Bitway (BTW) is 13950.6× the size of Echo Protocol (ECHO) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.43 across 45 shared trading days). BTW has been the more volatile of the two, at 365% annualised against ECHO's 149%.
ECHOBTW
-0.43over 45 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 | ECHO | BTW |
|---|---|---|
| Max drawdown (400d) | -89.1% | -60.7% |
| Risk-adjusted return (90d) | -0.53 | 0.43 |
Relative strength over 90 days: BTW outperformed ECHO by 94.7% — measured on the ECHO/BTW ratio, so it holds regardless of market direction.