Virtuals Protocol (VIRTUAL) is 4952.8× the size of Modulr (EMDR) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.10 across 35 shared trading days). EMDR has been the more volatile of the two, at 722% annualised against VIRTUAL's 119%.
EMDRVIRTUAL
-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 | EMDR | VIRTUAL |
|---|---|---|
| Max drawdown (400d) | -71.6% | -71.7% |
| Risk-adjusted return (90d) | 0.02 | 0.06 |
| Best 30 days (past year) | — | +47.4% |
| Worst 30 days (past year) | — | -54.7% |
Relative strength over 90 days: EMDR outperformed VIRTUAL by 47.3% — measured on the EMDR/VIRTUAL ratio, so it holds regardless of market direction.