Immutable (IMX) is 23.8× the size of Radio Caca (RACA) by market capitalisation. Over the past 1 year, IMX is ahead by 7.5 percentage points (RACA -78.7% against IMX -71.2%). Their daily returns move loosely together (correlation 0.50 across 373 shared trading days). IMX has been the more volatile of the two, at 90% annualised against RACA's 61%.
RACAIMX
0.50over 373 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 | RACA | IMX |
|---|---|---|
| Max drawdown (400d) | -79.9% | -87.2% |
| Risk-adjusted return (90d) | -0.13 | 0.13 |
| Best 30 days (past year) | +16.8% | +67.7% |
| Worst 30 days (past year) | -37.8% | -50.4% |
Relative strength over 90 days: IMX outperformed RACA by 1.6% — measured on the RACA/IMX ratio, so it holds regardless of market direction.