Chiliz (CHZ) is 4162.2× the size of Arena Two (ATWO) by market capitalisation. Their daily returns move barely together (correlation 0.20 across 111 shared trading days). ATWO has been the more volatile of the two, at 310% annualised against CHZ's 89%.
ATWOCHZ
0.20over 111 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 | ATWO | CHZ |
|---|---|---|
| Max drawdown (400d) | -91.1% | -81.0% |
| Risk-adjusted return (90d) | -0.21 | -0.09 |
| Best 30 days (past year) | — | +116.1% |
| Worst 30 days (past year) | — | -53.0% |
Relative strength over 90 days: CHZ outperformed ATWO by 55.5% — measured on the ATWO/CHZ ratio, so it holds regardless of market direction.