Venice Token (VVV) is 83.6× the size of pippin (PIPPIN) by market capitalisation. Their daily returns move loosely together (correlation 0.36 across 35 shared trading days). PIPPIN has been the more volatile of the two, at 311% annualised against VVV's 170%.
PIPPINVVV
0.36over 35 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 | PIPPIN | VVV |
|---|---|---|
| Max drawdown (400d) | -98.3% | -29.6% |
| Risk-adjusted return (90d) | 0.03 | 0.54 |
Relative strength over 90 days: VVV outperformed PIPPIN by 56.2% — measured on the PIPPIN/VVV ratio, so it holds regardless of market direction.