Bitcoin (BTC) is 67138130.9× the size of Franklin (FLY) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.03 across 21 shared trading days). Both have run at a similar volatility, around 45% annualised.
FLYBTC
-0.03over 21 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 | FLY | BTC |
|---|---|---|
| Max drawdown (400d) | -11.5% | -53.0% |
| Risk-adjusted return (90d) | -0.19 | 0.63 |
| Best 30 days (past year) | — | +26.8% |
| Worst 30 days (past year) | — | -32.9% |
Relative strength over 90 days: BTC outperformed FLY by 4.3% — measured on the FLY/BTC ratio, so it holds regardless of market direction.