LimeWire (LMWR) is 23.9× the size of Tune.Fm (JAM) by market capitalisation. Their daily returns move barely together (correlation 0.11 across 26 shared trading days). JAM has been the more volatile of the two, at 157% annualised against LMWR's 91%.
JAMLMWR
0.11over 26 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 | LMWR |
|---|---|---|
| Max drawdown (400d) | -29.8% | -88.0% |
| Risk-adjusted return (90d) | -0.13 | -0.24 |
| Best 30 days (past year) | — | +51.2% |
| Worst 30 days (past year) | — | -40.8% |
Relative strength over 90 days: JAM outperformed LMWR by 38.2% — measured on the JAM/LMWR ratio, so it holds regardless of market direction.