NEAR Protocol (NEAR) is 54969.2× the size of Arcanus (ARCANUS) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.10 across 28 shared trading days). ARCANUS has been the more volatile of the two, at 753% annualised against NEAR's 108%.
ARCANUSNEAR
-0.10over 28 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 | ARCANUS | NEAR |
|---|---|---|
| Max drawdown (400d) | -74.4% | -68.7% |
| Risk-adjusted return (90d) | 0.04 | 1.56 |
| Best 30 days (past year) | — | +195.3% |
| Worst 30 days (past year) | — | -48.1% |
Relative strength over 90 days: ARCANUS outperformed NEAR by 46.2% — measured on the ARCANUS/NEAR ratio, so it holds regardless of market direction.