Bitcoin (BTC) is 158600440.3× the size of Terminal (TERMINAL) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.39 across 27 shared trading days). TERMINAL has been the more volatile of the two, at 105% annualised against BTC's 44%.
TERMINALBTC
-0.39over 27 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 | TERMINAL | BTC |
|---|---|---|
| Max drawdown (400d) | -21.8% | -53.0% |
| Risk-adjusted return (90d) | -0.10 | 0.63 |
| Best 30 days (past year) | — | +26.8% |
| Worst 30 days (past year) | — | -32.9% |
Relative strength over 90 days: BTC outperformed TERMINAL by 3.5% — measured on the TERMINAL/BTC ratio, so it holds regardless of market direction.