Backpack vs OKB

OKB (OKB) is 10.1× the size of Backpack (BP) by market capitalisation. Over the past 30 days, BP is ahead by 71.2 percentage points (BP +66.5% against OKB -4.7%). Their daily returns move barely together (correlation 0.34 across 56 shared trading days). BP has been the more volatile of the two, at 504% annualised against OKB's 53%.

Correlation: 0.34
Size ratio: 1 : 10.1
Ahead over 30 days: BP

BackpackBP

$0.902769

24h: +3.32%
Market cap: $225.69M
Volume 24h: $4.97M
Volatility (ann.): 504%

OKBOKB

$108.9300

24h: +0.10%
Market cap: $2.29B
Volume 24h: $22.06M
Volatility (ann.): 53%

BP 9.0%Share of the two combined market caps91.0% OKB

Performance

BPOKB

7 days-5.55%-0.94%OKB
30 days+66.51%-4.69%BP

Correlation

0.34over 56 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.6190d: 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	BP	OKB
Max drawdown (400d)	-35.1%	-12.2%
Risk-adjusted return (90d)	0.27	0.06

Relative strength over 90 days: BP outperformed OKB by 121.0% — measured on the BP/OKB ratio, so it holds regardless of market direction.

Backpack →OKB →