Brain Armstrong (BRAINARM) and Aero (AERO) compared side by side. Their daily returns move barely in opposite directions (correlation -0.12 across 38 shared trading days). BRAINARM has been the more volatile of the two, at 242% annualised against AERO's 100%.
BRAINARMAERO
-0.12over 38 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 | BRAINARM | AERO |
|---|---|---|
| Max drawdown (400d) | -79.1% | -42.3% |
| Risk-adjusted return (90d) | -0.32 | 0.30 |
Relative strength over 90 days: AERO outperformed BRAINARM by 67.9% — measured on the BRAINARM/AERO ratio, so it holds regardless of market direction.