Flow (FLOW) is 1222.6× the size of Arena Two (ATWO) by market capitalisation. Their daily returns move barely together (correlation 0.12 across 111 shared trading days). ATWO has been the more volatile of the two, at 310% annualised against FLOW's 107%.
ATWOFLOW
0.12over 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 | FLOW |
|---|---|---|
| Max drawdown (400d) | -91.1% | -94.2% |
| Risk-adjusted return (90d) | -0.21 | -0.25 |
| Best 30 days (past year) | — | +47.8% |
| Worst 30 days (past year) | — | -64.5% |
Relative strength over 90 days: FLOW outperformed ATWO by 62.5% — measured on the ATWO/FLOW ratio, so it holds regardless of market direction.