Arkham (ARKM) is 4041.5× the size of UpScalp (UPSCALP) by market capitalisation. Their daily returns move barely together (correlation 0.06 across 36 shared trading days). UPSCALP has been the more volatile of the two, at 173% annualised against ARKM's 98%.
UPSCALPARKM
0.06over 36 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 | UPSCALP | ARKM |
|---|---|---|
| Max drawdown (400d) | -49.8% | -84.7% |
| Risk-adjusted return (90d) | -0.28 | 0.09 |
| Best 30 days (past year) | — | +48.6% |
| Worst 30 days (past year) | — | -49.1% |
Relative strength over 90 days: ARKM outperformed UPSCALP by 33.4% — measured on the UPSCALP/ARKM ratio, so it holds regardless of market direction.