Venice Token (VVV) is 40117.3× the size of Spirit Town (SPIRIT) by market capitalisation. Their daily returns move loosely together (correlation 0.42 across 21 shared trading days). Both have run at a similar volatility, around 165% annualised.
SPIRITVVV
0.42over 21 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 | SPIRIT | VVV |
|---|---|---|
| Max drawdown (400d) | -91.8% | -29.6% |
| Risk-adjusted return (90d) | -0.07 | 0.50 |
Relative strength over 90 days: VVV outperformed SPIRIT by 40.5% — measured on the SPIRIT/VVV ratio, so it holds regardless of market direction.