Bitway (BTW) is 118.7× the size of TronBank (TBK) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.52 across 36 shared trading days). BTW has been the more volatile of the two, at 365% annualised against TBK's 132%.
TBKBTW
-0.52over 36 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 | TBK | BTW |
|---|---|---|
| Max drawdown (400d) | -92.7% | -60.7% |
| Risk-adjusted return (90d) | -0.55 | 0.43 |
Relative strength over 90 days: BTW outperformed TBK by 75.4% — measured on the TBK/BTW ratio, so it holds regardless of market direction.