Unibase (UB) is 42.3× the size of Swarms (SWARMS) by market capitalisation. Their daily returns move barely together (correlation 0.34 across 36 shared trading days). SWARMS has been the more volatile of the two, at 166% annualised against UB's 101%.
SWARMSUB
0.34over 36 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 | SWARMS | UB |
|---|---|---|
| Max drawdown (400d) | -82.8% | -31.0% |
| Risk-adjusted return (90d) | -0.07 | -0.09 |
Relative strength over 90 days: UB outperformed SWARMS by 30.8% — measured on the SWARMS/UB ratio, so it holds regardless of market direction.