BTCT vs PHAT: Correlation
Measured on weekly returns over the past three years, BTC Digital Ltd. (BTCT) and Phathom Pharmaceuticals, Inc. (PHAT) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTCT and PHAT?
Across a 3-year window, the weekly returns of BTCT and PHAT correlate at -0.26, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.06) runs above the 3-year figure (-0.26). Stretching to 5 years gives -0.20, with an annualized covariance of -15445.6 %².
Within BTCT's tracked universe of 52 assets, PHAT comes in at #36 by 3-year correlation. On 12-month performance BTCT holds a 7.9-point edge, -20.2% against -28.1%. Note the risk asymmetry: BTCT runs 5.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
BTCT vs PHAT: side by side
| BTCT (BTC Digital Ltd.) | PHAT (Phathom Pharmaceuticals, Inc.) | |
|---|---|---|
| 1-year return | -20.2% | -28.1% |
| 5-year return | -99.5% | -74.1% |
| Volatility (ann.) | 571.6% | 103.2% |
| Beta vs S&P 500 | -2.21 | 1.89 |
| Max drawdown (3Y) | -97.8% | -88.3% |
| Market cap | – | $0.7B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BTCT | PHAT |
|---|---|---|
| 2022 | -97.6% | -43.0% |
| 2023 | +33.9% | -18.6% |
| 2024 | -0.8% | -11.1% |
| 2025 | -72.8% | +104.3% |
| 2026 | +61.5% | -46.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTCT and PHAT good diversifiers for each other?
Yes. With a correlation of -0.26, BTCT and PHAT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BTCT and PHAT?
The BTCT/PHAT correlation stands at -0.26 on a 3-year window (1 year: -0.06, 5 years: -0.20), computed from weekly returns as of 2026-08-27.
Is PHAT a good diversifier for BTCT?
Yes. With a correlation of -0.26, BTCT and PHAT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
A reading of -0.26 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/btct-vs-phat.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/btct-vs-phat/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BTCT correlations · PHAT correlations
