Internet Computer (ICP) is 268623.1× the size of Arca OS (ARCA) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.01 across 41 shared trading days). ARCA has been the more volatile of the two, at 188% annualised against ICP's 105%.
ARCAICP
-0.01over 41 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 | ARCA | ICP |
|---|---|---|
| Max drawdown (400d) | -80.6% | -77.4% |
| Risk-adjusted return (90d) | -0.43 | 0.21 |
| Best 30 days (past year) | — | +49.6% |
| Worst 30 days (past year) | — | -49.4% |
Relative strength over 90 days: ICP outperformed ARCA by 73.9% — measured on the ARCA/ICP ratio, so it holds regardless of market direction.