Virtuals Protocol (VIRTUAL) is 61.4× the size of Swarms (SWARMS) by market capitalisation. Over the past 1 year, VIRTUAL is ahead by 7.1 percentage points (SWARMS -66.7% against VIRTUAL -59.6%). Their daily returns move loosely together (correlation 0.38 across 365 shared trading days). SWARMS has been the more volatile of the two, at 166% annualised against VIRTUAL's 119%.
SWARMSVIRTUAL
0.38over 365 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 | SWARMS | VIRTUAL |
|---|---|---|
| Max drawdown (400d) | -82.8% | -71.7% |
| Risk-adjusted return (90d) | -0.07 | 0.04 |
| Best 30 days (past year) | — | +47.4% |
| Worst 30 days (past year) | — | -54.7% |
Relative strength over 90 days: VIRTUAL outperformed SWARMS by 19.0% — measured on the SWARMS/VIRTUAL ratio, so it holds regardless of market direction.