Bitway (BTW) is 2769.3× the size of Piggycell (PIGGY) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.16 across 41 shared trading days). BTW has been the more volatile of the two, at 365% annualised against PIGGY's 51%.
PIGGYBTW
-0.16over 41 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 | PIGGY | BTW |
|---|---|---|
| Max drawdown (400d) | -70.4% | -60.7% |
| Risk-adjusted return (90d) | -1.63 | 0.43 |
Relative strength over 90 days: BTW outperformed PIGGY by 71.8% — measured on the PIGGY/BTW ratio, so it holds regardless of market direction.