Synthswap vs Bitway

Bitway (BTW) is 137915.9× the size of Synthswap (SYNTH) by market capitalisation. Over the past 30 days, BTW is ahead by 58.6 percentage points (SYNTH -13.2% against BTW +45.5%). Their daily returns move barely together (correlation 0.12 across 20 shared trading days). BTW has been the more volatile of the two, at 362% annualised against SYNTH's 65%.

Correlation: 0.12
Size ratio: 1 : 137915.9
Ahead over 30 days: BTW

SynthswapSYNTH

$0.054798

24h: —
Market cap: $11,976
Volume 24h: —
Volatility (ann.): 65%

BitwayBTW

$1.0970

24h: +3.29%
Market cap: $1.65B
Volume 24h: $4.73M
Volatility (ann.): 362%

SYNTH 0.0%Share of the two combined market caps100.0% BTW

Performance

SYNTHBTW

7 days+4.16%-40.12%SYNTH
30 days-13.16%+45.45%BTW

Correlation

0.12over 20 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	SYNTH	BTW
Max drawdown (400d)	-21.0%	-60.7%
Risk-adjusted return (90d)	-0.20	0.48

Relative strength over 90 days: SYNTH outperformed BTW by 60.8% — measured on the SYNTH/BTW ratio, so it holds regardless of market direction.

Synthswap →Bitway →