Bitcoin (BTC) is 23789833.9× the size of Hunter Token (HNTR) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.20 across 116 shared trading days). HNTR has been the more volatile of the two, at 59% annualised against BTC's 44%.
HNTRBTC
-0.20over 116 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 | HNTR | BTC |
|---|---|---|
| Max drawdown (400d) | -60.5% | -53.0% |
| Risk-adjusted return (90d) | -0.89 | 0.63 |
| Best 30 days (past year) | — | +26.8% |
| Worst 30 days (past year) | — | -32.9% |
Relative strength over 90 days: BTC outperformed HNTR by 55.5% — measured on the HNTR/BTC ratio, so it holds regardless of market direction.