Why is ARKG ETF and TSLA stock prices so highly correlated?

I'm wondering what makes this high correlation (0.9656) in price between ARKG (which doesn't contain TSLA afaik) and TSLA tickers:

https://www.buyupside.com/alphavantagelive/stockcorrelationcomputeavmonth.php?symbol1=ARKG&symbol2=TSLA&start_month=10&start_year=2016&end_month=10&end_year=2021&submit=Calculate+Coefficient

Is it just a coincidence or is there something else?

Submitted October 06, 2021 at 12:13PM by puthre https://ift.tt/3iFmxS2