Bitcoin (BTC) is 7434.0× the size of Legacy Frax Dollar (FRAX) by market capitalisation. Their daily returns move barely together (correlation 0.29 across 248 shared trading days). FRAX has been the more volatile of the two, at 105% annualised against BTC's 44%.
| Period | FRAX | BTC | Ahead |
|---|---|---|---|
| 7 days | +1.99% | +5.14% | BTC |
| 30 days | -5.99% | +11.26% | BTC |
| 90 days | +7.13% | +28.33% | BTC |
| 1 year | — | -29.73% | — |
| Metric | FRAX | BTC |
|---|---|---|
| Max drawdown (400d) | -81.3% | -53.0% |
| Risk-adjusted return (90d) | 0.11 | 0.74 |
| Best 30 days (past year) | — | +26.8% |
| Worst 30 days (past year) | — | -32.9% |
Relative strength over 90 days: BTC outperformed FRAX by 16.5% — measured on the FRAX/BTC ratio, so it holds regardless of market direction.
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.