Bitway (BTW) is 257.5× the size of Grove (GROVE) by market capitalisation. Their daily returns move barely together (correlation 0.26 across 45 shared trading days). BTW has been the more volatile of the two, at 365% annualised against GROVE's 247%.
GROVEBTW
0.26over 45 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 | GROVE | BTW |
|---|---|---|
| Max drawdown (400d) | -82.9% | -60.7% |
| Risk-adjusted return (90d) | -0.28 | 0.43 |
Relative strength over 90 days: BTW outperformed GROVE by 64.2% — measured on the GROVE/BTW ratio, so it holds regardless of market direction.