Chainlink (LINK) is 12762.8× the size of Arcadia (AAA) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.30 across 39 shared trading days). AAA has been the more volatile of the two, at 330% annualised against LINK's 71%.
AAALINK
-0.30over 39 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 | AAA | LINK |
|---|---|---|
| Max drawdown (400d) | -49.9% | -69.2% |
| Risk-adjusted return (90d) | 0.28 | 0.53 |
| Best 30 days (past year) | — | +61.6% |
| Worst 30 days (past year) | — | -43.6% |
Relative strength over 90 days: AAA outperformed LINK by 90.0% — measured on the AAA/LINK ratio, so it holds regardless of market direction.