Beatswap (BTX) is 12.8× the size of Aria (ARIAIP) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.24 across 26 shared trading days). Both have run at a similar volatility, around 299% annualised.
ARIAIPBTX
-0.24over 26 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 | ARIAIP | BTX |
|---|---|---|
| Max drawdown (400d) | -94.4% | -89.1% |
| Risk-adjusted return (90d) | -0.28 | -0.31 |
Relative strength over 90 days: ARIAIP outperformed BTX by 57.8% — measured on the ARIAIP/BTX ratio, so it holds regardless of market direction.