Arbitrum (ARB) is 6226.7× the size of Ethernity Chain (ERN) by market capitalisation. Their daily returns move loosely together (correlation 0.43 across 36 shared trading days). ERN has been the more volatile of the two, at 290% annualised against ARB's 103%.
ERNARB
0.43over 36 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 | ERN | ARB |
|---|---|---|
| Max drawdown (400d) | -85.1% | -84.1% |
| Risk-adjusted return (90d) | -0.28 | 0.66 |
| Best 30 days (past year) | — | +157.6% |
| Worst 30 days (past year) | — | -51.6% |
Relative strength over 90 days: ARB outperformed ERN by 86.0% — measured on the ERN/ARB ratio, so it holds regardless of market direction.