Bitcoin (BTC) is 371979787.4× the size of Arena of Memes (ARENA) by market capitalisation. Their daily returns move loosely together (correlation 0.39 across 28 shared trading days). ARENA has been the more volatile of the two, at 160% annualised against BTC's 44%.
ARENABTC
0.39over 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 | ARENA | BTC |
|---|---|---|
| Max drawdown (400d) | -51.1% | -53.0% |
| Risk-adjusted return (90d) | -0.32 | 0.69 |
| Best 30 days (past year) | — | +26.8% |
| Worst 30 days (past year) | — | -32.9% |
Relative strength over 90 days: BTC outperformed ARENA by 49.4% — measured on the ARENA/BTC ratio, so it holds regardless of market direction.