Virtuals Protocol (VIRTUAL) is 12709.8× the size of NUMETAL (NUMETAL) by market capitalisation. Their daily returns move barely together (correlation 0.33 across 70 shared trading days). NUMETAL has been the more volatile of the two, at 176% annualised against VIRTUAL's 119%.
NUMETALVIRTUAL
0.33over 70 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 | NUMETAL | VIRTUAL |
|---|---|---|
| Max drawdown (400d) | -39.4% | -71.7% |
| Risk-adjusted return (90d) | 0.02 | 0.00 |
| Best 30 days (past year) | — | +47.4% |
| Worst 30 days (past year) | — | -54.7% |
Relative strength over 90 days: VIRTUAL outperformed NUMETAL by 4.6% — measured on the NUMETAL/VIRTUAL ratio, so it holds regardless of market direction.