Virtuals Protocol (VIRTUAL) is 14481.3× the size of Spirit Town (SPIRIT) by market capitalisation. Their daily returns move barely together (correlation 0.19 across 128 shared trading days). SPIRIT has been the more volatile of the two, at 161% annualised against VIRTUAL's 119%.
SPIRITVIRTUAL
0.19over 128 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 | VIRTUAL |
|---|---|---|
| Max drawdown (400d) | -91.8% | -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: SPIRIT outperformed VIRTUAL by 15.1% — measured on the SPIRIT/VIRTUAL ratio, so it holds regardless of market direction.