Bitway (BTW) is 1210.9× the size of Ēnosys (HLN) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.28 across 35 shared trading days). BTW has been the more volatile of the two, at 365% annualised against HLN's 89%.
HLNBTW
-0.28over 35 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 | HLN | BTW |
|---|---|---|
| Max drawdown (400d) | -74.7% | -60.7% |
| Risk-adjusted return (90d) | 0.07 | 0.43 |
Relative strength over 90 days: BTW outperformed HLN by 58.2% — measured on the HLN/BTW ratio, so it holds regardless of market direction.