Virtuals Protocol (VIRTUAL) is 10.2× the size of RaveDAO (RAVE) by market capitalisation. Their daily returns move loosely together (correlation 0.44 across 55 shared trading days). VIRTUAL has been the more volatile of the two, at 119% annualised against RAVE's 89%.
RAVEVIRTUAL
0.44over 55 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 | RAVE | VIRTUAL |
|---|---|---|
| Max drawdown (400d) | -56.3% | -71.7% |
| Risk-adjusted return (90d) | -0.58 | 0.06 |
| Best 30 days (past year) | — | +47.4% |
| Worst 30 days (past year) | — | -54.7% |
Relative strength over 90 days: VIRTUAL outperformed RAVE by 48.0% — measured on the RAVE/VIRTUAL ratio, so it holds regardless of market direction.