Bitcoin (BTC) is 65500214.7× the size of Media Network (MEDIA) by market capitalisation. Their daily returns move barely together (correlation 0.10 across 35 shared trading days). BTC has been the more volatile of the two, at 44% annualised against MEDIA's 14%.
MEDIABTC
0.10over 35 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 | MEDIA | BTC |
|---|---|---|
| Max drawdown (400d) | -5.7% | -53.0% |
| Risk-adjusted return (90d) | -0.41 | 0.63 |
| Best 30 days (past year) | — | +26.8% |
| Worst 30 days (past year) | — | -32.9% |
Relative strength over 90 days: BTC outperformed MEDIA by 0.4% — measured on the MEDIA/BTC ratio, so it holds regardless of market direction.