TollPay (TOLL) and Arclight Finance (ARCLIGHT) compared side by side. Their daily returns move barely together (correlation 0.06 across 23 shared trading days). ARCLIGHT has been the more volatile of the two, at 125275% annualised against TOLL's 128%.
$3.795e-5
TOLLARCLIGHT
0.06over 23 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 | TOLL | ARCLIGHT |
|---|---|---|
| Max drawdown (400d) | -39.4% | -99.8% |
| Risk-adjusted return (90d) | -0.29 | 0.00 |
Relative strength over 90 days: TOLL outperformed ARCLIGHT by 1.9% — measured on the TOLL/ARCLIGHT ratio, so it holds regardless of market direction.