Internet Computer (ICP) is 69.7× the size of ao Computer (AO) by market capitalisation. Over the past 1 year, AO is ahead by 2.6 percentage points (AO -33.9% against ICP -36.5%). Their daily returns move barely together (correlation 0.26 across 365 shared trading days). Both have run at a similar volatility, around 116% annualised.
AOICP
0.26over 365 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 | AO | ICP |
|---|---|---|
| Max drawdown (400d) | -83.2% | -77.4% |
| Risk-adjusted return (90d) | 0.88 | 0.25 |
| Best 30 days (past year) | — | +49.6% |
| Worst 30 days (past year) | — | -62.1% |
Relative strength over 90 days: AO outperformed ICP by 70.9% — measured on the AO/ICP ratio, so it holds regardless of market direction.