Audius (AUDIO) is 123.6× the size of Tune.Fm (JAM) by market capitalisation. Their daily returns move barely together (correlation 0.12 across 31 shared trading days). JAM has been the more volatile of the two, at 157% annualised against AUDIO's 79%.
JAMAUDIO
0.12over 31 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 | JAM | AUDIO |
|---|---|---|
| Max drawdown (400d) | -29.8% | -79.4% |
| Risk-adjusted return (90d) | -0.13 | 0.15 |
| Best 30 days (past year) | — | +34.6% |
| Worst 30 days (past year) | — | -37.2% |
Relative strength over 90 days: AUDIO outperformed JAM by 37.4% — measured on the JAM/AUDIO ratio, so it holds regardless of market direction.