Arbitrum (ARB) is 33.9× the size of PHALA (PHA) by market capitalisation. Over the past 1 year, PHA is ahead by 12.3 percentage points (PHA -27.3% against ARB -39.5%). Their daily returns move loosely together (correlation 0.41 across 399 shared trading days). PHA has been the more volatile of the two, at 148% annualised against ARB's 103%.
PHAARB
0.41over 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 | PHA | ARB |
|---|---|---|
| Max drawdown (400d) | -81.3% | -84.1% |
| Risk-adjusted return (90d) | 0.37 | 0.66 |
| Best 30 days (past year) | +233.5% | +157.6% |
| Worst 30 days (past year) | -51.3% | -51.6% |
Relative strength over 90 days: ARB outperformed PHA by 11.4% — measured on the PHA/ARB ratio, so it holds regardless of market direction.