Xcel Defi (XLD) and Bitcoin (BTC) compared side by side. Their daily returns move loosely together (correlation 0.60 across 27 shared trading days). BTC has been the more volatile of the two, at 44% annualised against XLD's 31%.
XLDBTC
0.60over 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 | XLD | BTC |
|---|---|---|
| Max drawdown (400d) | -10.7% | -53.0% |
| Risk-adjusted return (90d) | -0.29 | 0.51 |
| Best 30 days (past year) | — | +26.8% |
| Worst 30 days (past year) | — | -32.9% |
Relative strength over 90 days: BTC outperformed XLD by 0.9% — measured on the XLD/BTC ratio, so it holds regardless of market direction.