Echelon Prime (PRIME) is 624.7× the size of Spellfire (SPELLFIRE) by market capitalisation. Their daily returns move barely together (correlation 0.12 across 39 shared trading days). SPELLFIRE has been the more volatile of the two, at 121% annualised against PRIME's 93%.
SPELLFIREPRIME
0.12over 39 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 | SPELLFIRE | PRIME |
|---|---|---|
| Max drawdown (400d) | -80.9% | -38.2% |
| Risk-adjusted return (90d) | -0.38 | -0.34 |
| Best 30 days (past year) | +61.6% | — |
| Worst 30 days (past year) | -54.3% | — |
Relative strength over 90 days: PRIME outperformed SPELLFIRE by 5.8% — measured on the SPELLFIRE/PRIME ratio, so it holds regardless of market direction.