f(x) Protocol vs Bitway

Bitway (BTW) is 547.9× the size of f(x) Protocol (FXN) by market capitalisation. Over the past 30 days, BTW is ahead by 104.4 percentage points (FXN -31.0% against BTW +73.4%). Their daily returns move barely together (correlation 0.17 across 30 shared trading days). BTW has been the more volatile of the two, at 365% annualised against FXN's 133%.

Correlation: 0.17
Size ratio: 1 : 547.9
Ahead over 30 days: BTW

f(x) ProtocolFXN

$18.3100

24h: -2.01%
Market cap: $3.01M
Volume 24h: $18,096
Volatility (ann.): 133%

BitwayBTW

$1.0940

24h: +21.80%
Market cap: $1.65B
Volume 24h: $7.14M
Volatility (ann.): 365%

FXN 0.2%Share of the two combined market caps99.8% BTW

Performance

FXNBTW

7 days-10.28%-44.93%FXN
30 days-30.99%+73.36%BTW

Correlation

0.17over 30 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.1790d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	FXN	BTW
Max drawdown (400d)	-44.5%	-60.7%
Risk-adjusted return (90d)	-0.11	0.43

Relative strength over 90 days: BTW outperformed FXN by 64.0% — measured on the FXN/BTW ratio, so it holds regardless of market direction.

f(x) Protocol →Bitway →