Bitway (BTW) is 28.1× the size of Velo (VELO) by market capitalisation. Over the past 30 days, BTW is ahead by 99.0 percentage points (VELO -25.6% against BTW +73.4%). Their daily returns move barely together (correlation 0.14 across 52 shared trading days). BTW has been the more volatile of the two, at 365% annualised against VELO's 97%.
VELOBTW
0.14over 52 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 | VELO | BTW |
|---|---|---|
| Max drawdown (400d) | -38.0% | -60.7% |
| Risk-adjusted return (90d) | -0.05 | 0.43 |
Relative strength over 90 days: BTW outperformed VELO by 63.9% — measured on the VELO/BTW ratio, so it holds regardless of market direction.