Bitcoin (BTC) is 14578167.5× the size of MotaCoin (MOTA) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.10 across 98 shared trading days). BTC has been the more volatile of the two, at 44% annualised against MOTA's 14%.
MOTABTC
-0.10over 98 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 | MOTA | BTC |
|---|---|---|
| Max drawdown (400d) | -4.8% | -53.0% |
| Risk-adjusted return (90d) | 0.01 | 0.63 |
| Best 30 days (past year) | — | +26.8% |
| Worst 30 days (past year) | — | -32.9% |
Relative strength over 90 days: BTC outperformed MOTA by 10.9% — measured on the MOTA/BTC ratio, so it holds regardless of market direction.