Blue Pill (BLUEPILL) and Aero (AERO) compared side by side. Their daily returns move closely in opposite directions (correlation -0.62 across 23 shared trading days). BLUEPILL has been the more volatile of the two, at 401% annualised against AERO's 101%.
BLUEPILLAERO
-0.62over 23 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 | BLUEPILL | AERO |
|---|---|---|
| Max drawdown (400d) | -83.0% | -54.2% |
| Risk-adjusted return (90d) | -0.19 | 0.06 |
Relative strength over 90 days: AERO outperformed BLUEPILL by 67.7% — measured on the BLUEPILL/AERO ratio, so it holds regardless of market direction.