Sphere (SPHERE) and Aero (AERO) compared side by side. Their daily returns move loosely together (correlation 0.39 across 24 shared trading days). SPHERE has been the more volatile of the two, at 260% annualised against AERO's 100%.
SPHEREAERO
0.39over 24 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 | SPHERE | AERO |
|---|---|---|
| Max drawdown (400d) | -53.4% | -42.3% |
| Risk-adjusted return (90d) | -0.18 | 0.30 |
Relative strength over 90 days: AERO outperformed SPHERE by 27.0% — measured on the SPHERE/AERO ratio, so it holds regardless of market direction.