Bitcoin (BTC) is 177866169.5× the size of The Mountain (MOUNTAIN) by market capitalisation. Their daily returns move barely together (correlation 0.14 across 32 shared trading days). MOUNTAIN has been the more volatile of the two, at 87% annualised against BTC's 44%.
MOUNTAINBTC
0.14over 32 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 | MOUNTAIN | BTC |
|---|---|---|
| Max drawdown (400d) | -35.1% | -53.0% |
| Risk-adjusted return (90d) | -0.29 | 0.63 |
| Best 30 days (past year) | — | +26.8% |
| Worst 30 days (past year) | — | -32.9% |
Relative strength over 90 days: BTC outperformed MOUNTAIN by 18.1% — measured on the MOUNTAIN/BTC ratio, so it holds regardless of market direction.