Instadapp ETH v2 (IETH V2) and Bitcoin (BTC) compared side by side. Their daily returns move closely together (correlation 0.60 across 31 shared trading days). Both have run at a similar volatility, around 41% annualised.
IETH V2BTC
0.60over 31 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 | IETH V2 | BTC |
|---|---|---|
| Max drawdown (400d) | -17.4% | -53.0% |
| Risk-adjusted return (90d) | -0.42 | 0.51 |
| Best 30 days (past year) | — | +26.8% |
| Worst 30 days (past year) | — | -32.9% |
Relative strength over 90 days: BTC outperformed IETH V2 by 6.6% — measured on the IETH V2/BTC ratio, so it holds regardless of market direction.