AREN vs CD: Correlation
How closely do The Arena Group Holdings, Inc. (AREN) and Chaince Digital Holdings Inc. - American (CD) trade together? Their weekly returns over three years give a correlation of 0.41, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AREN and CD?
On 3 years of weekly data the AREN/CD correlation comes out at 0.41, moderate. The past 12 months show a weaker link (-0.27) than the 3-year average (0.41). The 5-year figure is 0.31, and annualized covariance runs at 12142.2 %².
By 3-year correlation, CD places #5 of the 22 assets tracked against AREN. The last year tells two different stories: CD led by 45.0 percentage points, -84.8% for AREN against -39.8% for CD.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AREN vs CD: side by side
| AREN (The Arena Group Holdings, Inc.) | CD (Chaince Digital Holdings Inc. - American) | |
|---|---|---|
| 1-year return | -84.8% | -39.8% |
| 5-year return | -93.0% | +1.2% |
| Volatility (ann.) | 157.6% | 189.9% |
| Beta vs S&P 500 | 0.49 | 1.02 |
| Max drawdown (3Y) | -91.7% | -92.6% |
| Market cap | – | $0.4B |
| P/E (trailing) | 4.9 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AREN | CD |
|---|---|---|
| 2022 | -24.6% | -64.8% |
| 2023 | -77.6% | +109.5% |
| 2024 | -43.7% | +162.7% |
| 2025 | +198.5% | -27.2% |
| 2026 | -76.5% | -31.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AREN and CD good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AREN and CD?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with -0.27 over the last year and 0.31 over 5 years.
Is CD a good diversifier for AREN?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.41 mean?
A reading of 0.41 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aren-vs-cd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aren-vs-cd/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AREN correlations · CD correlations
