Hopium (HOPIUM) and Arc-man (ARCMAN) compared side by side. Their daily returns move barely in opposite directions (correlation -0.01 across 22 shared trading days). ARCMAN has been the more volatile of the two, at 186% annualised against HOPIUM's 82%.
HOPIUMARCMAN
-0.01over 22 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 | HOPIUM | ARCMAN |
|---|---|---|
| Max drawdown (400d) | -32.3% | -44.3% |
| Risk-adjusted return (90d) | -0.39 | -0.03 |
Relative strength over 90 days: ARCMAN outperformed HOPIUM by 29.2% — measured on the HOPIUM/ARCMAN ratio, so it holds regardless of market direction.