Arbitrum (ARB) is 45.7× the size of Metal DAO (MTL) by market capitalisation. Over the past 1 year, MTL is ahead by 4.5 percentage points (MTL -35.0% against ARB -39.5%). Their daily returns move loosely together (correlation 0.56 across 399 shared trading days). ARB has been the more volatile of the two, at 103% annualised against MTL's 72%.
MTLARB
0.56over 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 | MTL | ARB |
|---|---|---|
| Max drawdown (400d) | -72.8% | -84.1% |
| Risk-adjusted return (90d) | 0.33 | 0.66 |
| Best 30 days (past year) | +74.2% | +157.6% |
| Worst 30 days (past year) | -35.3% | -51.6% |
Relative strength over 90 days: ARB outperformed MTL by 33.4% — measured on the MTL/ARB ratio, so it holds regardless of market direction.