Bitcoin (BTC) is 11420071.5× the size of pBTC35A (PBTC35A) by market capitalisation. Over the past 1 year, PBTC35A is ahead by 13.4 percentage points (PBTC35A -13.4% against BTC -26.8%). Their daily returns move barely in opposite directions (correlation -0.01 across 372 shared trading days). Both have run at a similar volatility, around 42% annualised.
PBTC35ABTC
-0.01over 372 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 | PBTC35A | BTC |
|---|---|---|
| Max drawdown (400d) | -28.2% | -53.0% |
| Risk-adjusted return (90d) | -0.66 | 0.42 |
| Best 30 days (past year) | +18.6% | +26.8% |
| Worst 30 days (past year) | -13.0% | -32.9% |
Relative strength over 90 days: BTC outperformed PBTC35A by 33.0% — measured on the PBTC35A/BTC ratio, so it holds regardless of market direction.