Figure Heloc (FIGR_HELOC) is 5969.2× the size of Arowana (ARW) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.01 across 33 shared trading days). ARW has been the more volatile of the two, at 229% annualised against FIGR_HELOC's 52%.
ARWFIGR_HELOC
-0.01over 33 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 | ARW | FIGR_HELOC |
|---|---|---|
| Max drawdown (400d) | -97.3% | -5.5% |
| Risk-adjusted return (90d) | -0.24 | 0.05 |
Relative strength over 90 days: FIGR_HELOC outperformed ARW by 79.5% — measured on the ARW/FIGR_HELOC ratio, so it holds regardless of market direction.