Aerodrome Finance (AERO) is 4709.7× the size of Common (COMMON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.02 across 84 shared trading days). COMMON has been the more volatile of the two, at 217% annualised against AERO's 101%.
COMMONAERO
-0.02over 84 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 | COMMON | AERO |
|---|---|---|
| Max drawdown (400d) | -100.0% | -36.4% |
| Risk-adjusted return (90d) | -0.43 | 0.42 |
Relative strength over 90 days: AERO outperformed COMMON by 94.8% — measured on the COMMON/AERO ratio, so it holds regardless of market direction.