Immutable (IMX) is 145.6× the size of Tower (TOWER) by market capitalisation. Over the past 1 year, IMX is ahead by 16.0 percentage points (TOWER -89.3% against IMX -73.3%). Their daily returns move loosely together (correlation 0.37 across 371 shared trading days). IMX has been the more volatile of the two, at 90% annualised against TOWER's 52%.
TOWERIMX
0.37over 371 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 | TOWER | IMX |
|---|---|---|
| Max drawdown (400d) | -89.5% | -87.2% |
| Risk-adjusted return (90d) | -0.36 | 0.08 |
| Best 30 days (past year) | +22.6% | +67.7% |
| Worst 30 days (past year) | -46.0% | -50.4% |
Relative strength over 90 days: TOWER outperformed IMX by 1.6% — measured on the TOWER/IMX ratio, so it holds regardless of market direction.