Arweave (AR) is 54.4× the size of CESS Network (CESS) by market capitalisation. Over the past 1 year, AR is ahead by 50.9 percentage points (CESS -67.7% against AR -16.8%). Their daily returns move barely together (correlation 0.21 across 373 shared trading days). Both have run at a similar volatility, around 112% annualised.
CESSAR
0.21over 373 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 | CESS | AR |
|---|---|---|
| Max drawdown (400d) | -78.1% | -80.7% |
| Risk-adjusted return (90d) | 0.17 | 0.58 |
| Best 30 days (past year) | +203.1% | +124.8% |
| Worst 30 days (past year) | -66.5% | -53.3% |
Relative strength over 90 days: AR outperformed CESS by 22.1% — measured on the CESS/AR ratio, so it holds regardless of market direction.