Fusionist (ACE) is 256.0× the size of Cryowar (CWAR) by market capitalisation. Their daily returns move loosely together (correlation 0.37 across 33 shared trading days). ACE has been the more volatile of the two, at 187% annualised against CWAR's 92%.
CWARACE
0.37over 33 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 | CWAR | ACE |
|---|---|---|
| Max drawdown (400d) | -58.8% | -87.1% |
| Risk-adjusted return (90d) | -0.64 | 0.06 |
| Best 30 days (past year) | — | +260.6% |
| Worst 30 days (past year) | — | -43.3% |
Relative strength over 90 days: ACE outperformed CWAR by 42.3% — measured on the CWAR/ACE ratio, so it holds regardless of market direction.