Fusionist (ACE) is 309.7× the size of Alaska Gold Rush (CARAT) by market capitalisation. Over the past 1 year, ACE is ahead by 42.6 percentage points (CARAT -87.7% against ACE -45.1%). Their daily returns move barely together (correlation 0.11 across 370 shared trading days). ACE has been the more volatile of the two, at 187% annualised against CARAT's 158%.
CARATACE
0.11over 370 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 | CARAT | ACE |
|---|---|---|
| Max drawdown (400d) | -91.7% | -87.1% |
| Risk-adjusted return (90d) | -0.55 | 0.06 |
| Best 30 days (past year) | +100.4% | +260.6% |
| Worst 30 days (past year) | -61.1% | -43.3% |
Relative strength over 90 days: ACE outperformed CARAT by 86.6% — measured on the CARAT/ACE ratio, so it holds regardless of market direction.