Virtuals Protocol (VIRTUAL) is 48318.2× the size of Pharmachain AI (PHAI) by market capitalisation. Their daily returns move barely together (correlation 0.24 across 28 shared trading days). PHAI has been the more volatile of the two, at 331% annualised against VIRTUAL's 119%.
PHAIVIRTUAL
0.24over 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 | PHAI | VIRTUAL |
|---|---|---|
| Max drawdown (400d) | -50.6% | -71.7% |
| Risk-adjusted return (90d) | -0.09 | 0.06 |
| Best 30 days (past year) | — | +47.4% |
| Worst 30 days (past year) | — | -54.7% |
Relative strength over 90 days: VIRTUAL outperformed PHAI by 12.8% — measured on the PHAI/VIRTUAL ratio, so it holds regardless of market direction.