Virtuals Protocol (VIRTUAL) is 13231.8× the size of MESH Gateway (MESH) by market capitalisation. Their daily returns move loosely together (correlation 0.40 across 38 shared trading days). MESH has been the more volatile of the two, at 959% annualised against VIRTUAL's 119%.
MESHVIRTUAL
0.40over 38 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 | MESH | VIRTUAL |
|---|---|---|
| Max drawdown (400d) | -97.2% | -71.7% |
| Risk-adjusted return (90d) | -0.10 | 0.04 |
| Best 30 days (past year) | — | +47.4% |
| Worst 30 days (past year) | — | -54.7% |
Relative strength over 90 days: VIRTUAL outperformed MESH by 89.9% — measured on the MESH/VIRTUAL ratio, so it holds regardless of market direction.