Arbitrum (ARB) is 21.0× the size of XPR Network (XPR) by market capitalisation. Their daily returns move barely together (correlation 0.22 across 56 shared trading days). ARB has been the more volatile of the two, at 103% annualised against XPR's 60%.
XPRARB
0.22over 56 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 | XPR | ARB |
|---|---|---|
| Max drawdown (400d) | -38.2% | -84.1% |
| Risk-adjusted return (90d) | -0.41 | 0.66 |
| Best 30 days (past year) | — | +157.6% |
| Worst 30 days (past year) | — | -51.6% |
Relative strength over 90 days: ARB outperformed XPR by 64.0% — measured on the XPR/ARB ratio, so it holds regardless of market direction.