Bitcoin (BTC) is 25406.5× the size of Numeraire (NMR) by market capitalisation. Over the past 1 year, BTC is ahead by 16.4 percentage points (NMR -46.2% against BTC -29.7%). Their daily returns move barely together (correlation 0.28 across 399 shared trading days). NMR has been the more volatile of the two, at 138% annualised against BTC's 44%.
| Period | NMR | BTC | Ahead |
|---|---|---|---|
| 7 days | -0.54% | +5.14% | BTC |
| 30 days | +8.68% | +11.26% | BTC |
| 90 days | +2.43% | +28.33% | BTC |
| 1 year | -46.17% | -29.73% | BTC |
| Metric | NMR | BTC |
|---|---|---|
| Max drawdown (400d) | -70.4% | -53.0% |
| Risk-adjusted return (90d) | 0.05 | 0.74 |
| Best 30 days (past year) | +41.6% | +26.8% |
| Worst 30 days (past year) | -30.9% | -32.9% |
Relative strength over 90 days: BTC outperformed NMR by 20.2% — measured on the NMR/BTC ratio, so it holds regardless of market direction.
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.