Virtuals Protocol (VIRTUAL) is 14953.1× the size of Herald Agent (HERALD) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.39 across 101 shared trading days). HERALD has been the more volatile of the two, at 1504% annualised against VIRTUAL's 119%.
HERALDVIRTUAL
-0.39over 101 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 | HERALD | VIRTUAL |
|---|---|---|
| Max drawdown (400d) | -94.1% | -71.7% |
| Risk-adjusted return (90d) | -0.04 | 0.00 |
| Best 30 days (past year) | — | +47.4% |
| Worst 30 days (past year) | — | -54.7% |
Relative strength over 90 days: VIRTUAL outperformed HERALD by 55.7% — measured on the HERALD/VIRTUAL ratio, so it holds regardless of market direction.