Apro (AT) is 666.0× the size of Umbrella Network (UMB) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.08 across 28 shared trading days). AT has been the more volatile of the two, at 115% annualised against UMB's 44%.
UMBAT
-0.08over 28 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 | UMB | AT |
|---|---|---|
| Max drawdown (400d) | -17.1% | -61.5% |
| Risk-adjusted return (90d) | -0.28 | -0.23 |
Relative strength over 90 days: UMB outperformed AT by 12.1% — measured on the UMB/AT ratio, so it holds regardless of market direction.