Virtuals Protocol (VIRTUAL) is 50017.1× the size of Shellraiser (SHELLRAISER) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.05 across 27 shared trading days). VIRTUAL has been the more volatile of the two, at 119% annualised against SHELLRAISER's 62%.
SHELLRAISERVIRTUAL
-0.05over 27 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 | SHELLRAISER | VIRTUAL |
|---|---|---|
| Max drawdown (400d) | -32.0% | -71.7% |
| Risk-adjusted return (90d) | -0.48 | 0.06 |
| Best 30 days (past year) | — | +47.4% |
| Worst 30 days (past year) | — | -54.7% |
Relative strength over 90 days: VIRTUAL outperformed SHELLRAISER by 8.3% — measured on the SHELLRAISER/VIRTUAL ratio, so it holds regardless of market direction.