Bitcoin (BTC) is 27221397.8× the size of Hiblocks (HIBS) by market capitalisation. Over the past 1 year, HIBS is ahead by 86.7 percentage points (HIBS +66.0% against BTC -20.7%). Their daily returns move barely in opposite directions (correlation -0.02 across 362 shared trading days). HIBS has been the more volatile of the two, at 212% annualised against BTC's 44%.
HIBSBTC
-0.02over 362 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 | HIBS | BTC |
|---|---|---|
| Max drawdown (400d) | -58.4% | -53.0% |
| Risk-adjusted return (90d) | 0.30 | 0.63 |
| Best 30 days (past year) | — | +26.8% |
| Worst 30 days (past year) | — | -32.9% |
Relative strength over 90 days: BTC outperformed HIBS by 4.6% — measured on the HIBS/BTC ratio, so it holds regardless of market direction.