Bitcoin (BTC) is 44136205.5× the size of Glitch Protocol (GLCH) by market capitalisation. Their daily returns move barely together (correlation 0.09 across 42 shared trading days). GLCH has been the more volatile of the two, at 3820% annualised against BTC's 44%.
GLCHBTC
0.09over 42 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 | GLCH | BTC |
|---|---|---|
| Max drawdown (400d) | -99.1% | -53.0% |
| Risk-adjusted return (90d) | -0.01 | 0.42 |
| Best 30 days (past year) | — | +26.8% |
| Worst 30 days (past year) | — | -32.9% |
Relative strength over 90 days: BTC outperformed GLCH by 37.4% — measured on the GLCH/BTC ratio, so it holds regardless of market direction.