Kite (KITE) is 3122.0× the size of Arvo (ARVO) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.18 across 27 shared trading days). ARVO has been the more volatile of the two, at 73106% annualised against KITE's 122%.
ARVOKITE
-0.18over 27 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 | ARVO | KITE |
|---|---|---|
| Max drawdown (400d) | -99.5% | -69.5% |
| Risk-adjusted return (90d) | 0.00 | 0.29 |
Relative strength over 90 days: KITE outperformed ARVO by 14.8% — measured on the ARVO/KITE ratio, so it holds regardless of market direction.