Bitcoin (BTC) is 53707669.8× the size of Hermes Protocol (HERMES) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.23 across 26 shared trading days). HERMES has been the more volatile of the two, at 1958% annualised against BTC's 44%.
HERMESBTC
-0.23over 26 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 | HERMES | BTC |
|---|---|---|
| Max drawdown (400d) | -90.1% | -53.0% |
| Risk-adjusted return (90d) | -0.02 | 0.63 |
| Best 30 days (past year) | — | +26.8% |
| Worst 30 days (past year) | — | -32.9% |
Relative strength over 90 days: BTC outperformed HERMES by 37.1% — measured on the HERMES/BTC ratio, so it holds regardless of market direction.