Virtuals Protocol (VIRTUAL) is 1413.8× the size of Gaia (GAIA) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.05 across 108 shared trading days). GAIA has been the more volatile of the two, at 273% annualised against VIRTUAL's 119%.
GAIAVIRTUAL
-0.05over 108 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 | GAIA | VIRTUAL |
|---|---|---|
| Max drawdown (400d) | -76.7% | -71.7% |
| Risk-adjusted return (90d) | -0.11 | 0.06 |
| Best 30 days (past year) | — | +47.4% |
| Worst 30 days (past year) | — | -54.7% |
Relative strength over 90 days: VIRTUAL outperformed GAIA by 37.1% — measured on the GAIA/VIRTUAL ratio, so it holds regardless of market direction.