ArcoraFun (ARCORA) and Arclight Finance (ARCLIGHT) compared side by side. Their daily returns move barely together (correlation 0.04 across 21 shared trading days). ARCLIGHT has been the more volatile of the two, at 125275% annualised against ARCORA's 386%.
$3.795e-5
ARCORAARCLIGHT
0.04over 21 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 | ARCORA | ARCLIGHT |
|---|---|---|
| Max drawdown (400d) | -71.5% | -99.8% |
| Risk-adjusted return (90d) | -0.18 | 0.00 |
Relative strength over 90 days: ARCLIGHT outperformed ARCORA by 68.8% — measured on the ARCORA/ARCLIGHT ratio, so it holds regardless of market direction.