Bitway (BTW) is 7586.0× the size of Hunny Finance (HUNNY) by market capitalisation. Their daily returns move barely together (correlation 0.24 across 38 shared trading days). BTW has been the more volatile of the two, at 362% annualised against HUNNY's 57%.
HUNNYBTW
0.24over 38 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 | HUNNY | BTW |
|---|---|---|
| Max drawdown (400d) | -39.1% | -60.7% |
| Risk-adjusted return (90d) | 0.01 | 0.48 |
Relative strength over 90 days: BTW outperformed HUNNY by 52.7% — measured on the HUNNY/BTW ratio, so it holds regardless of market direction.