Virtuals Protocol (VIRTUAL) is 26.5× the size of Elsa (ELSA) by market capitalisation. Their daily returns move barely together (correlation 0.27 across 259 shared trading days). VIRTUAL has been the more volatile of the two, at 119% annualised against ELSA's 102%.
ELSAVIRTUAL
0.27over 259 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 | ELSA | VIRTUAL |
|---|---|---|
| Max drawdown (400d) | -76.4% | -71.7% |
| Risk-adjusted return (90d) | 0.27 | 0.04 |
| Best 30 days (past year) | — | +47.4% |
| Worst 30 days (past year) | — | -54.7% |
Relative strength over 90 days: ELSA outperformed VIRTUAL by 31.8% — measured on the ELSA/VIRTUAL ratio, so it holds regardless of market direction.