Virtuals Protocol (VIRTUAL) is 1.2× the size of Pieverse (PIEVERSE) by market capitalisation. Their daily returns move closely together (correlation 0.75 across 59 shared trading days). PIEVERSE has been the more volatile of the two, at 144% annualised against VIRTUAL's 119%.
PIEVERSEVIRTUAL
0.75over 59 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 | PIEVERSE | VIRTUAL |
|---|---|---|
| Max drawdown (400d) | -38.7% | -71.7% |
| Risk-adjusted return (90d) | 0.28 | 0.06 |
| Best 30 days (past year) | — | +47.4% |
| Worst 30 days (past year) | — | -54.7% |
Relative strength over 90 days: PIEVERSE outperformed VIRTUAL by 29.6% — measured on the PIEVERSE/VIRTUAL ratio, so it holds regardless of market direction.