Bitcoin (BTC) is 381249.3× the size of Minto (BTCMT) by market capitalisation. Over the past 1 year, BTCMT is ahead by 7.6 percentage points (BTCMT -19.7% against BTC -27.3%). Their daily returns move barely together (correlation 0.18 across 367 shared trading days). BTC has been the more volatile of the two, at 44% annualised against BTCMT's 33%.
BTCMTBTC
0.18over 367 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 | BTCMT | BTC |
|---|---|---|
| Max drawdown (400d) | -35.5% | -53.0% |
| Risk-adjusted return (90d) | -0.01 | 0.51 |
| Best 30 days (past year) | +24.1% | +26.8% |
| Worst 30 days (past year) | -25.6% | -32.9% |
Relative strength over 90 days: BTC outperformed BTCMT by 17.9% — measured on the BTCMT/BTC ratio, so it holds regardless of market direction.