Bitcoin (BTC) is 5340557.6× the size of Red Kite (PKF) by market capitalisation. Their daily returns move closely together (correlation 0.68 across 150 shared trading days). PKF has been the more volatile of the two, at 106% annualised against BTC's 44%.
PKFBTC
0.68over 150 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 | PKF | BTC |
|---|---|---|
| Max drawdown (400d) | -77.9% | -53.0% |
| Risk-adjusted return (90d) | -0.42 | 0.63 |
| Best 30 days (past year) | — | +26.8% |
| Worst 30 days (past year) | — | -32.9% |
Relative strength over 90 days: BTC outperformed PKF by 42.2% — measured on the PKF/BTC ratio, so it holds regardless of market direction.