Venice Token (VVV) is 54719.3× the size of Nuwa World by Virtuals (NUWA) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.22 across 30 shared trading days). Both have run at a similar volatility, around 160% annualised.
NUWAVVV
-0.22over 30 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 | NUWA | VVV |
|---|---|---|
| Max drawdown (400d) | -92.2% | -29.6% |
| Risk-adjusted return (90d) | -0.45 | 0.50 |
Relative strength over 90 days: VVV outperformed NUWA by 67.6% — measured on the NUWA/VVV ratio, so it holds regardless of market direction.