Bitway (BTW) is 27.5× the size of NOXO (NOXO) by market capitalisation. Over the past 30 days, BTW is ahead by 67.6 percentage points (NOXO +5.7% against BTW +73.4%). Their daily returns move barely together (correlation 0.29 across 32 shared trading days). BTW has been the more volatile of the two, at 365% annualised against NOXO's 99%.
NOXOBTW
0.29over 32 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 | NOXO | BTW |
|---|---|---|
| Max drawdown (400d) | -19.5% | -60.7% |
| Risk-adjusted return (90d) | 0.63 | 0.43 |
Relative strength over 90 days: BTW outperformed NOXO by 30.9% — measured on the NOXO/BTW ratio, so it holds regardless of market direction.