Bitcoin (BTC) is 18934638.5× the size of HASHCATS (HASH) by market capitalisation. Their daily returns move loosely together (correlation 0.52 across 27 shared trading days). HASH has been the more volatile of the two, at 297% annualised against BTC's 44%.
HASHBTC
0.52over 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 | HASH | BTC |
|---|---|---|
| Max drawdown (400d) | -56.7% | -53.0% |
| Risk-adjusted return (90d) | 0.04 | 0.69 |
| Best 30 days (past year) | — | +26.8% |
| Worst 30 days (past year) | — | -32.9% |
Relative strength over 90 days: HASH outperformed BTC by 17.9% — measured on the HASH/BTC ratio, so it holds regardless of market direction.