Bitway (BTW) is 424.8× the size of Haedal Protocol (HAEDAL) by market capitalisation. Their daily returns move barely together (correlation 0.22 across 58 shared trading days). BTW has been the more volatile of the two, at 365% annualised against HAEDAL's 99%.
HAEDALBTW
0.22over 58 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 | HAEDAL | BTW |
|---|---|---|
| Max drawdown (400d) | -89.6% | -60.7% |
| Risk-adjusted return (90d) | 0.71 | 0.43 |
| Best 30 days (past year) | +49.5% | — |
| Worst 30 days (past year) | -52.0% | — |
Relative strength over 90 days: BTW outperformed HAEDAL by 35.1% — measured on the HAEDAL/BTW ratio, so it holds regardless of market direction.