/onchain (ONCHAIN) and Bitcoin (BTC) compared side by side. Their daily returns move closely together (correlation 0.68 across 28 shared trading days). BTC has been the more volatile of the two, at 44% annualised against ONCHAIN's 37%.
ONCHAINBTC
0.68over 28 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 | ONCHAIN | BTC |
|---|---|---|
| Max drawdown (400d) | -18.0% | -53.0% |
| Risk-adjusted return (90d) | -0.44 | 0.51 |
| Best 30 days (past year) | — | +26.8% |
| Worst 30 days (past year) | — | -32.9% |
Relative strength over 90 days: BTC outperformed ONCHAIN by 9.3% — measured on the ONCHAIN/BTC ratio, so it holds regardless of market direction.