Bonk (BONK) is 96832.2× the size of Arbitrage Loop (ARB) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.04 across 33 shared trading days). ARB has been the more volatile of the two, at 244% annualised against BONK's 100%.
ARBBONK
-0.04over 33 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 | ARB | BONK |
|---|---|---|
| Max drawdown (400d) | -33.6% | -89.7% |
| Risk-adjusted return (90d) | -0.12 | 0.09 |
| Best 30 days (past year) | — | +37.0% |
| Worst 30 days (past year) | — | -51.0% |
Relative strength over 90 days: BONK outperformed ARB by 13.9% — measured on the ARB/BONK ratio, so it holds regardless of market direction.