Synthetix (SNX) is 1.3× the size of Arkham (ARKM) by market capitalisation. Over the past 1 year, ARKM is ahead by 17.8 percentage points (ARKM -61.0% against SNX -78.8%). Their daily returns move loosely together (correlation 0.59 across 399 shared trading days). SNX has been the more volatile of the two, at 123% annualised against ARKM's 97%.
ARKMSNX
0.59over 399 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 | ARKM | SNX |
|---|---|---|
| Max drawdown (400d) | -84.7% | -92.3% |
| Risk-adjusted return (90d) | 0.21 | -0.24 |
| Best 30 days (past year) | +48.6% | +26.6% |
| Worst 30 days (past year) | -49.1% | -47.8% |
Relative strength over 90 days: ARKM outperformed SNX by 39.5% — measured on the ARKM/SNX ratio, so it holds regardless of market direction.