The Arena vs Atoshi

Atoshi (ATOS) is 7.1× the size of The Arena (ARENA) by market capitalisation. Over the past 30 days, ATOS is ahead by 3.2 percentage points (ARENA -26.8% against ATOS -23.6%). Their daily returns move barely in opposite directions (correlation -0.11 across 36 shared trading days). ARENA has been the more volatile of the two, at 349% annualised against ATOS's 131%.

Correlation: -0.11
Size ratio: 1 : 7.1
Ahead over 30 days: ATOS

The ArenaARENA

$0.000613

24h: -1.61%
Market cap: $3.93M
Volume 24h: $12,233
Volatility (ann.): 349%

AtoshiATOS

$0.030971

24h: +1.25%
Market cap: $27.98M
Volume 24h: $18,478
Volatility (ann.): 131%

ARENA 12.3%Share of the two combined market caps87.7% ATOS

Performance

ARENAATOS

7 days-37.25%-7.50%ATOS
30 days-26.85%-23.60%ATOS

Correlation

-0.11over 36 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.1390d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	ARENA	ATOS
Max drawdown (400d)	-40.0%	-50.7%
Risk-adjusted return (90d)	-0.06	-0.11

Relative strength over 90 days: ATOS outperformed ARENA by 20.7% — measured on the ARENA/ATOS ratio, so it holds regardless of market direction.

The Arena →Atoshi →