Virtuals Protocol (VIRTUAL) is 406.6× the size of IMGN Labs (IMGN) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.39 across 39 shared trading days). IMGN has been the more volatile of the two, at 151% annualised against VIRTUAL's 119%.
IMGNVIRTUAL
-0.39over 39 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 | IMGN | VIRTUAL |
|---|---|---|
| Max drawdown (400d) | -22.3% | -71.7% |
| Risk-adjusted return (90d) | 0.29 | 0.04 |
| Best 30 days (past year) | — | +47.4% |
| Worst 30 days (past year) | — | -54.7% |
Relative strength over 90 days: IMGN outperformed VIRTUAL by 69.6% — measured on the IMGN/VIRTUAL ratio, so it holds regardless of market direction.