Arkham (ARKM) is 17187.8× the size of toaster.trade (TOASTER) by market capitalisation. Their daily returns move barely together (correlation 0.15 across 113 shared trading days). TOASTER has been the more volatile of the two, at 356% annualised against ARKM's 97%.
TOASTERARKM
0.15over 113 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 | TOASTER | ARKM |
|---|---|---|
| Max drawdown (400d) | -96.0% | -84.7% |
| Risk-adjusted return (90d) | -0.28 | 0.21 |
| Best 30 days (past year) | — | +48.6% |
| Worst 30 days (past year) | — | -49.1% |
Relative strength over 90 days: ARKM outperformed TOASTER by 81.8% — measured on the TOASTER/ARKM ratio, so it holds regardless of market direction.