Immutable (IMX) is 1.4× the size of Four (FORM) by market capitalisation. Over the past 1 year, FORM is ahead by 19.2 percentage points (FORM -54.1% against IMX -73.3%). Their daily returns move loosely together (correlation 0.48 across 399 shared trading days). FORM has been the more volatile of the two, at 134% annualised against IMX's 90%.
FORMIMX
0.48over 399 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 | FORM | IMX |
|---|---|---|
| Max drawdown (400d) | -86.9% | -87.2% |
| Risk-adjusted return (90d) | -0.06 | 0.08 |
| Best 30 days (past year) | +52.4% | +67.7% |
| Worst 30 days (past year) | -48.3% | -50.4% |
Relative strength over 90 days: IMX outperformed FORM by 13.9% — measured on the FORM/IMX ratio, so it holds regardless of market direction.