Immutable (IMX) is 18.0× the size of Upland (SPARKLET) by market capitalisation. Over the past 1 year, SPARKLET is ahead by 38.3 percentage points (SPARKLET -35.0% against IMX -73.3%). Their daily returns move barely together (correlation 0.11 across 373 shared trading days). IMX has been the more volatile of the two, at 90% annualised against SPARKLET's 33%.
SPARKLETIMX
0.11over 373 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 | SPARKLET | IMX |
|---|---|---|
| Max drawdown (400d) | -39.3% | -87.2% |
| Risk-adjusted return (90d) | 0.00 | 0.08 |
| Best 30 days (past year) | +14.5% | +67.7% |
| Worst 30 days (past year) | -26.5% | -50.4% |
Relative strength over 90 days: SPARKLET outperformed IMX by 16.1% — measured on the SPARKLET/IMX ratio, so it holds regardless of market direction.