BitTorrent (BTT) is 439.3× the size of Pipe Network (PIPE) by market capitalisation. Their daily returns move barely together (correlation 0.23 across 44 shared trading days). PIPE has been the more volatile of the two, at 175% annualised against BTT's 50%.
PIPEBTT
0.23over 44 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 | PIPE | BTT |
|---|---|---|
| Max drawdown (400d) | -65.8% | -8.3% |
| Risk-adjusted return (90d) | -0.01 | 0.81 |
Relative strength over 90 days: BTT outperformed PIPE by 54.8% — measured on the PIPE/BTT ratio, so it holds regardless of market direction.