Bitway (BTW) is 2476.6× the size of SigmaDotMoney (SIGMA) by market capitalisation. Their daily returns move loosely together (correlation 0.40 across 34 shared trading days). Both have run at a similar volatility, around 353% annualised.
SIGMABTW
0.40over 34 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 | SIGMA | BTW |
|---|---|---|
| Max drawdown (400d) | -96.3% | -60.7% |
| Risk-adjusted return (90d) | 0.05 | 0.43 |
Relative strength over 90 days: BTW outperformed SIGMA by 68.4% — measured on the SIGMA/BTW ratio, so it holds regardless of market direction.