Ethereum (ETH) is 5101095.4× the size of Ara (ARA) by market capitalisation. Their daily returns move barely together (correlation 0.06 across 188 shared trading days). ARA has been the more volatile of the two, at 253% annualised against ETH's 62%.
ARAETH
0.06over 188 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 | ARA | ETH |
|---|---|---|
| Max drawdown (400d) | -77.8% | -66.5% |
| Risk-adjusted return (90d) | -0.16 | 0.29 |
| Best 30 days (past year) | — | +34.1% |
| Worst 30 days (past year) | — | -44.6% |
Relative strength over 90 days: ETH outperformed ARA by 54.2% — measured on the ARA/ETH ratio, so it holds regardless of market direction.