Bitcoin (BTC) is 1007414.8× the size of Nuvola Digital (NVL) by market capitalisation. Their daily returns move loosely together (correlation 0.57 across 31 shared trading days). NVL has been the more volatile of the two, at 117% annualised against BTC's 44%.
NVLBTC
0.57over 31 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 | NVL | BTC |
|---|---|---|
| Max drawdown (400d) | -18.0% | -53.0% |
| Risk-adjusted return (90d) | 0.12 | 0.51 |
| Best 30 days (past year) | — | +26.8% |
| Worst 30 days (past year) | — | -32.9% |
Relative strength over 90 days: NVL outperformed BTC by 5.5% — measured on the NVL/BTC ratio, so it holds regardless of market direction.