Virtuals Protocol (VIRTUAL) is 8974.5× the size of Hana by Virtuals (HANA) by market capitalisation. Their daily returns move loosely together (correlation 0.57 across 27 shared trading days). Both have run at a similar volatility, around 114% annualised.
HANAVIRTUAL
0.57over 27 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 | HANA | VIRTUAL |
|---|---|---|
| Max drawdown (400d) | -43.0% | -71.7% |
| Risk-adjusted return (90d) | -0.36 | 0.00 |
| Best 30 days (past year) | — | +47.4% |
| Worst 30 days (past year) | — | -54.7% |
Relative strength over 90 days: VIRTUAL outperformed HANA by 14.9% — measured on the HANA/VIRTUAL ratio, so it holds regardless of market direction.