Bonk (BONK) is 37836.6× the size of not bitcoin (NOTBTC) by market capitalisation. Their daily returns move barely together (correlation 0.34 across 26 shared trading days). BONK has been the more volatile of the two, at 100% annualised against NOTBTC's 53%.
NOTBTCBONK
0.34over 26 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 | NOTBTC | BONK |
|---|---|---|
| Max drawdown (400d) | -25.7% | -89.7% |
| Risk-adjusted return (90d) | -0.45 | 0.09 |
| Best 30 days (past year) | — | +37.0% |
| Worst 30 days (past year) | — | -51.0% |
Relative strength over 90 days: BONK outperformed NOTBTC by 6.1% — measured on the NOTBTC/BONK ratio, so it holds regardless of market direction.