Bitcoin (BTC) is 4633367.1× the size of Liberland LLD (LLD) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.52 across 25 shared trading days). LLD has been the more volatile of the two, at 514% annualised against BTC's 44%.
LLDBTC
-0.52over 25 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 | LLD | BTC |
|---|---|---|
| Max drawdown (400d) | -68.1% | -53.0% |
| Risk-adjusted return (90d) | -0.05 | 0.51 |
| Best 30 days (past year) | — | +26.8% |
| Worst 30 days (past year) | — | -32.9% |
Relative strength over 90 days: BTC outperformed LLD by 20.3% — measured on the LLD/BTC ratio, so it holds regardless of market direction.