Bitcoin (BTC) is 18280040.4× the size of Sanafi Onchain (SANA) by market capitalisation. Their daily returns move barely together (correlation 0.08 across 35 shared trading days). SANA has been the more volatile of the two, at 74% annualised against BTC's 44%.
SANABTC
0.08over 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 | SANA | BTC |
|---|---|---|
| Max drawdown (400d) | -48.8% | -53.0% |
| Risk-adjusted return (90d) | -0.62 | 0.63 |
| Best 30 days (past year) | — | +26.8% |
| Worst 30 days (past year) | — | -32.9% |
Relative strength over 90 days: BTC outperformed SANA by 42.7% — measured on the SANA/BTC ratio, so it holds regardless of market direction.