Bitcoin (BTC) is 262300864.0× the size of Millionaire Out Of Nowhere (MOON) by market capitalisation. Their daily returns move barely together (correlation 0.03 across 27 shared trading days). MOON has been the more volatile of the two, at 51% annualised against BTC's 44%.
MOONBTC
0.03over 27 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 | MOON | BTC |
|---|---|---|
| Max drawdown (400d) | -25.3% | -53.0% |
| Risk-adjusted return (90d) | -0.43 | 0.63 |
| Best 30 days (past year) | — | +26.8% |
| Worst 30 days (past year) | — | -32.9% |
Relative strength over 90 days: BTC outperformed MOON by 17.6% — measured on the MOON/BTC ratio, so it holds regardless of market direction.