DoubleZero (2Z) is 677.1× the size of Portal to Bitcoin (PTB) by market capitalisation. Over the past 1 year, 2Z is ahead by 14.6 percentage points (PTB -99.8% against 2Z -85.2%). Their daily returns move barely together (correlation 0.29 across 372 shared trading days). PTB has been the more volatile of the two, at 233% annualised against 2Z's 100%.
PTB2Z
0.29over 372 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 | PTB | 2Z |
|---|---|---|
| Max drawdown (400d) | -99.9% | -96.1% |
| Risk-adjusted return (90d) | -0.33 | -0.57 |
| Best 30 days (past year) | +83.4% | +35.8% |
| Worst 30 days (past year) | -91.1% | -61.3% |
Relative strength over 90 days: 2Z outperformed PTB by 46.1% — measured on the PTB/2Z ratio, so it holds regardless of market direction.