ArcoraFun (ARCORA) and UBI (UBI) compared side by side. Their daily returns move barely together (correlation 0.03 across 21 shared trading days). ARCORA has been the more volatile of the two, at 386% annualised against UBI's 317%.
ARCORAUBI
0.03over 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 | UBI |
|---|---|---|
| Max drawdown (400d) | -71.5% | -81.0% |
| Risk-adjusted return (90d) | -0.18 | -0.24 |
Relative strength over 90 days: UBI outperformed ARCORA by 53.0% — measured on the ARCORA/UBI ratio, so it holds regardless of market direction.