Aethir (ATH) is 139.8× the size of NodeOps (NODE) by market capitalisation. Their daily returns move closely in opposite directions (correlation -0.73 across 35 shared trading days). ATH has been the more volatile of the two, at 149% annualised against NODE's 38%.
NODEATH
-0.73over 35 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 | NODE | ATH |
|---|---|---|
| Max drawdown (400d) | -22.8% | -22.7% |
| Risk-adjusted return (90d) | -0.56 | 0.22 |
Relative strength over 90 days: ATH outperformed NODE by 41.6% — measured on the NODE/ATH ratio, so it holds regardless of market direction.