Virtuals Protocol (VIRTUAL) is 55.0× the size of QAIT (QAIT) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.06 across 134 shared trading days). QAIT has been the more volatile of the two, at 174% annualised against VIRTUAL's 119%.
QAITVIRTUAL
-0.06over 134 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 | QAIT | VIRTUAL |
|---|---|---|
| Max drawdown (400d) | -95.7% | -71.7% |
| Risk-adjusted return (90d) | -0.48 | 0.04 |
| Best 30 days (past year) | — | +47.4% |
| Worst 30 days (past year) | — | -54.7% |
Relative strength over 90 days: VIRTUAL outperformed QAIT by 73.5% — measured on the QAIT/VIRTUAL ratio, so it holds regardless of market direction.