Opinion (OPN) is 75.4× the size of Bodega (BODEGA) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.06 across 31 shared trading days). Both have run at a similar volatility, around 167% annualised.
BODEGAOPN
-0.06over 31 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 | BODEGA | OPN |
|---|---|---|
| Max drawdown (400d) | -46.9% | -88.8% |
| Risk-adjusted return (90d) | -0.28 | -0.23 |
Relative strength over 90 days: OPN outperformed BODEGA by 44.0% — measured on the BODEGA/OPN ratio, so it holds regardless of market direction.