Wave Protocol vs Arclight Finance

Arclight Finance (ARCLIGHT) is 3.7× the size of Wave Protocol (WAVE) by market capitalisation. Over the past 30 days, WAVE is ahead by 10.8 percentage points (WAVE -84.7% against ARCLIGHT -95.5%). Their daily returns move barely in opposite directions (correlation -0.01 across 43 shared trading days). ARCLIGHT has been the more volatile of the two, at 125275% annualised against WAVE's 436%.

Correlation: -0.01
Size ratio: 1 : 3.7
Ahead over 30 days: WAVE

Wave ProtocolWAVE

$1.023e-5

24h: -3.35%
Market cap: $10,235
Volume 24h: $133
Volatility (ann.): 436%

Arclight FinanceARCLIGHT

$3.795e-5

24h: -68.50%
Market cap: $37,952
Volume 24h: $10,942
Volatility (ann.): 125275%

WAVE 21.2%Share of the two combined market caps78.8% ARCLIGHT

Performance

WAVEARCLIGHT

7 days-9.45%-84.29%WAVE
30 days-84.74%-95.49%WAVE

Correlation

-0.01over 43 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.0190d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	WAVE	ARCLIGHT
Max drawdown (400d)	-91.2%	-99.8%
Risk-adjusted return (90d)	-0.21	0.00

Relative strength over 90 days: WAVE outperformed ARCLIGHT by 53.7% — measured on the WAVE/ARCLIGHT ratio, so it holds regardless of market direction.

Wave Protocol →Arclight Finance →