Virtuals Protocol (VIRTUAL) is 306.4× the size of Freya Protocol (FREYA) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.15 across 33 shared trading days). FREYA has been the more volatile of the two, at 147% annualised against VIRTUAL's 119%.
FREYAVIRTUAL
-0.15over 33 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 | FREYA | VIRTUAL |
|---|---|---|
| Max drawdown (400d) | -23.1% | -71.7% |
| Risk-adjusted return (90d) | -0.11 | 0.04 |
| Best 30 days (past year) | — | +47.4% |
| Worst 30 days (past year) | — | -54.7% |
Relative strength over 90 days: FREYA outperformed VIRTUAL by 0.8% — measured on the FREYA/VIRTUAL ratio, so it holds regardless of market direction.