Bitcoin (BTC) is 47671.7× the size of Palladium Network (PLLDV3) by market capitalisation. Their daily returns move barely together (correlation 0.21 across 52 shared trading days). PLLDV3 has been the more volatile of the two, at 169% annualised against BTC's 44%.
PLLDV3BTC
0.21over 52 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 | PLLDV3 | BTC |
|---|---|---|
| Max drawdown (400d) | -26.2% | -53.0% |
| Risk-adjusted return (90d) | 0.29 | 0.51 |
| Best 30 days (past year) | — | +26.8% |
| Worst 30 days (past year) | — | -32.9% |
Relative strength over 90 days: PLLDV3 outperformed BTC by 48.6% — measured on the PLLDV3/BTC ratio, so it holds regardless of market direction.