Bitcoin (BTC) is 6982.7× the size of Terra Luna Classic (LUNC) by market capitalisation. Over the past 1 year, LUNC is ahead by 32.3 percentage points (LUNC +5.0% against BTC -27.3%). Their daily returns move barely together (correlation 0.33 across 399 shared trading days). LUNC has been the more volatile of the two, at 125% annualised against BTC's 44%.
LUNCBTC
0.33over 399 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 | LUNC | BTC |
|---|---|---|
| Max drawdown (400d) | -64.7% | -53.0% |
| Risk-adjusted return (90d) | -0.31 | 0.51 |
| Best 30 days (past year) | +213.0% | +26.8% |
| Worst 30 days (past year) | -42.5% | -32.9% |
Relative strength over 90 days: BTC outperformed LUNC by 31.2% — measured on the LUNC/BTC ratio, so it holds regardless of market direction.