Virtuals Protocol (VIRTUAL) is 28.8× the size of pippin (PIPPIN) by market capitalisation. Over the past 1 year, PIPPIN is ahead by 42.8 percentage points (PIPPIN -16.8% against VIRTUAL -59.6%). Their daily returns move barely together (correlation 0.21 across 364 shared trading days). PIPPIN has been the more volatile of the two, at 311% annualised against VIRTUAL's 119%.
PIPPINVIRTUAL
0.21over 364 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 | VIRTUAL |
|---|---|---|
| Max drawdown (400d) | -98.3% | -71.7% |
| Risk-adjusted return (90d) | 0.03 | 0.04 |
| Best 30 days (past year) | — | +47.4% |
| Worst 30 days (past year) | — | -54.7% |
Relative strength over 90 days: VIRTUAL outperformed PIPPIN by 27.4% — measured on the PIPPIN/VIRTUAL ratio, so it holds regardless of market direction.