Virtuals Protocol (VIRTUAL) is 21012.0× the size of Matrix (MATRIX) by market capitalisation. Their daily returns move closely together (correlation 0.75 across 157 shared trading days). MATRIX has been the more volatile of the two, at 220% annualised against VIRTUAL's 119%.
MATRIXVIRTUAL
0.75over 157 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 | MATRIX | VIRTUAL |
|---|---|---|
| Max drawdown (400d) | -81.5% | -71.7% |
| Risk-adjusted return (90d) | -0.20 | 0.06 |
| Best 30 days (past year) | — | +47.4% |
| Worst 30 days (past year) | — | -54.7% |
Relative strength over 90 days: VIRTUAL outperformed MATRIX by 42.9% — measured on the MATRIX/VIRTUAL ratio, so it holds regardless of market direction.