Bitway (BTW) is 545.7× the size of Kaskad (KSKD) by market capitalisation. Their daily returns move loosely together (correlation 0.41 across 43 shared trading days). BTW has been the more volatile of the two, at 365% annualised against KSKD's 199%.
KSKDBTW
0.41over 43 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 | KSKD | BTW |
|---|---|---|
| Max drawdown (400d) | -89.6% | -60.7% |
| Risk-adjusted return (90d) | 0.31 | 0.43 |
Relative strength over 90 days: BTW outperformed KSKD by 7.0% — measured on the KSKD/BTW ratio, so it holds regardless of market direction.