Chainlink (LINK) is 1515055.0× the size of Automatic Treasury Machine (ATM) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.10 across 32 shared trading days). ATM has been the more volatile of the two, at 208% annualised against LINK's 71%.
ATMLINK
-0.10over 32 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 | ATM | LINK |
|---|---|---|
| Max drawdown (400d) | -32.2% | -69.2% |
| Risk-adjusted return (90d) | -0.10 | 0.53 |
| Best 30 days (past year) | — | +61.6% |
| Worst 30 days (past year) | — | -43.6% |
Relative strength over 90 days: ATM outperformed LINK by 0.4% — measured on the ATM/LINK ratio, so it holds regardless of market direction.