Aerodrome Finance (AERO) is 95.4× the size of Extra Finance (EXTRA) by market capitalisation. Their daily returns move barely together (correlation 0.26 across 40 shared trading days). EXTRA has been the more volatile of the two, at 118% annualised against AERO's 101%.
EXTRAAERO
0.26over 40 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 | EXTRA | AERO |
|---|---|---|
| Max drawdown (400d) | -31.5% | -36.4% |
| Risk-adjusted return (90d) | 0.16 | 0.44 |
Relative strength over 90 days: AERO outperformed EXTRA by 8.9% — measured on the EXTRA/AERO ratio, so it holds regardless of market direction.