Arkham (ARKM) is 1.6× the size of FONQ (FONQ) by market capitalisation. Their daily returns move loosely together (correlation 0.57 across 54 shared trading days). ARKM has been the more volatile of the two, at 97% annualised against FONQ's 28%.
FONQARKM
0.57over 54 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 | FONQ | ARKM |
|---|---|---|
| Max drawdown (400d) | -10.2% | -84.7% |
| Risk-adjusted return (90d) | -0.04 | 0.23 |
| Best 30 days (past year) | — | +48.6% |
| Worst 30 days (past year) | — | -49.1% |
Relative strength over 90 days: ARKM outperformed FONQ by 15.0% — measured on the FONQ/ARKM ratio, so it holds regardless of market direction.