This, like many fonts, fails to handle vertical arrows:

  |    ^
  v    |

Note that the raised appearance of `^` exists for compatibility with typewriters that use the backspace key to use it as a circumflex accent over lowercase letters. This is doubly obsolete today (we have real combined characters and can use them on uppercase). This is one of those cases where the name originally used for the character in various standards is in conflict with the way people actually have come to use it.

The bottom of the independent caret should be lower, roughly symmetrical to the letter `v` (this is not traditionally a goal). The top should still reach the height of a capital letter, but the bottom should descend into the lowercase letter area - for many fonts, perhaps to the level of the horizontal part of a lowercase `e` (is there a typographical term for this?)? For fonts where the x-height is half of the cap-height, there might be no overlap with the lowercase letter, though it still doesn't need to worry about leaving space.

The bottom of the caret is, however, higher than the mathematical "and" sign ∧, which rests on the baseline (and usually does not reach full height) or the Greek capital lambda `Λ` which is full height.