Bitway (BTW) is 189.9× the size of FIGHT (FIGHT) by market capitalisation. Their daily returns move loosely together (correlation 0.37 across 35 shared trading days). BTW has been the more volatile of the two, at 365% annualised against FIGHT's 102%.
FIGHTBTW
0.37over 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 | FIGHT | BTW |
|---|---|---|
| Max drawdown (400d) | -26.8% | -60.7% |
| Risk-adjusted return (90d) | 0.11 | 0.43 |
Relative strength over 90 days: BTW outperformed FIGHT by 70.6% — measured on the FIGHT/BTW ratio, so it holds regardless of market direction.