Bitcoin (BTC) is 573929.9× the size of Kadena (KDA) by market capitalisation. Their daily returns move loosely together (correlation 0.49 across 42 shared trading days). KDA has been the more volatile of the two, at 320% annualised against BTC's 44%.
KDABTC
0.49over 42 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 | KDA | BTC |
|---|---|---|
| Max drawdown (400d) | -98.4% | -53.0% |
| Risk-adjusted return (90d) | -0.31 | 0.51 |
| Best 30 days (past year) | — | +26.8% |
| Worst 30 days (past year) | — | -32.9% |
Relative strength over 90 days: BTC outperformed KDA by 98.1% — measured on the KDA/BTC ratio, so it holds regardless of market direction.