Stable (STABLE) is 23.9× the size of Ardor (ARDR) by market capitalisation. Their daily returns move barely together (correlation 0.35 across 21 shared trading days). Both have run at a similar volatility, around 86% annualised.
ARDRSTABLE
0.35over 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 | ARDR | STABLE |
|---|---|---|
| Max drawdown (400d) | -75.4% | -25.6% |
| Risk-adjusted return (90d) | -0.29 | -0.10 |
Relative strength over 90 days: STABLE outperformed ARDR by 25.5% — measured on the ARDR/STABLE ratio, so it holds regardless of market direction.