tagSpace (TAGAI) is 4.6× the size of Arcona (ARCONA) by market capitalisation. Their daily returns move barely together (correlation 0.06 across 20 shared trading days). Both have run at a similar volatility, around 137% annualised.
ARCONATAGAI
0.06over 20 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 | ARCONA | TAGAI |
|---|---|---|
| Max drawdown (400d) | -73.2% | -27.1% |
| Risk-adjusted return (90d) | -0.03 | 0.00 |
Relative strength over 90 days: TAGAI outperformed ARCONA by 24.4% — measured on the ARCONA/TAGAI ratio, so it holds regardless of market direction.