Arcium (ARX) is 90.4× the size of Cipher (CIPHER) by market capitalisation. Over the past 30 days, ARX is ahead by 59.1 percentage points (CIPHER -14.3% against ARX +44.7%). Their daily returns move barely in opposite directions (correlation -0.09 across 35 shared trading days). Both have run at a similar volatility, around 125% annualised.
CIPHERARX
-0.09over 35 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 | CIPHER | ARX |
|---|---|---|
| Max drawdown (400d) | -27.7% | -19.7% |
| Risk-adjusted return (90d) | 0.15 | 0.58 |
Relative strength over 90 days: ARX outperformed CIPHER by 32.7% — measured on the CIPHER/ARX ratio, so it holds regardless of market direction.