Virtuals Protocol (VIRTUAL) is 6521.2× the size of SPIRA (SPIRA) by market capitalisation. Their daily returns move closely together (correlation 0.64 across 183 shared trading days). Both have run at a similar volatility, around 116% annualised.
SPIRAVIRTUAL
0.64over 183 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 | SPIRA | VIRTUAL |
|---|---|---|
| Max drawdown (400d) | -57.6% | -71.7% |
| Risk-adjusted return (90d) | 0.07 | 0.06 |
| Best 30 days (past year) | — | +47.4% |
| Worst 30 days (past year) | — | -54.7% |
Relative strength over 90 days: VIRTUAL outperformed SPIRA by 6.1% — measured on the SPIRA/VIRTUAL ratio, so it holds regardless of market direction.