Virtuals Protocol (VIRTUAL) is 50.0× the size of Spectre AI (SPECTRE) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.05 across 41 shared trading days). SPECTRE has been the more volatile of the two, at 211% annualised against VIRTUAL's 119%.
SPECTREVIRTUAL
-0.05over 41 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 | SPECTRE | VIRTUAL |
|---|---|---|
| Max drawdown (400d) | -33.4% | -71.7% |
| Risk-adjusted return (90d) | 0.41 | 0.04 |
| Best 30 days (past year) | — | +47.4% |
| Worst 30 days (past year) | — | -54.7% |
Relative strength over 90 days: SPECTRE outperformed VIRTUAL by 119.0% — measured on the SPECTRE/VIRTUAL ratio, so it holds regardless of market direction.