Optimism (OP) is 5.9× the size of AltLayer (ALT) by market capitalisation. Over the past 1 year, ALT is ahead by 3.5 percentage points (ALT -64.6% against OP -68.1%). Their daily returns move closely together (correlation 0.64 across 399 shared trading days). Both have run at a similar volatility, around 99% annualised.
ALTOP
0.64over 399 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 | ALT | OP |
|---|---|---|
| Max drawdown (400d) | -81.5% | -89.2% |
| Risk-adjusted return (90d) | -0.02 | 0.24 |
| Best 30 days (past year) | +71.8% | +67.2% |
| Worst 30 days (past year) | -43.9% | -60.5% |
Relative strength over 90 days: OP outperformed ALT by 23.3% — measured on the ALT/OP ratio, so it holds regardless of market direction.