Opinion (OPN) is 159.8× the size of BLOXWAP (BLOXWAP) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.24 across 34 shared trading days). OPN has been the more volatile of the two, at 169% annualised against BLOXWAP's 146%.
BLOXWAPOPN
-0.24over 34 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 | BLOXWAP | OPN |
|---|---|---|
| Max drawdown (400d) | -34.1% | -88.8% |
| Risk-adjusted return (90d) | -0.18 | -0.23 |
Relative strength over 90 days: BLOXWAP outperformed OPN by 7.5% — measured on the BLOXWAP/OPN ratio, so it holds regardless of market direction.