Arbitrum (ARB) is 99.4× the size of ICON (ICX) by market capitalisation. Over the past 1 year, ARB is ahead by 53.3 percentage points (ICX -92.8% against ARB -39.5%). Their daily returns move closely together (correlation 0.67 across 337 shared trading days). ARB has been the more volatile of the two, at 103% annualised against ICX's 78%.
ICXARB
0.67over 337 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 | ICX | ARB |
|---|---|---|
| Max drawdown (400d) | -93.0% | -84.1% |
| Risk-adjusted return (90d) | -0.98 | 0.66 |
| Best 30 days (past year) | — | +157.6% |
| Worst 30 days (past year) | — | -51.6% |
Relative strength over 90 days: ARB outperformed ICX by 81.4% — measured on the ICX/ARB ratio, so it holds regardless of market direction.