OpenLedger (OPEN) is 3.0× the size of Caldera (ERA) by market capitalisation. Over the past 1 year, OPEN is ahead by 2.0 percentage points (ERA -70.7% against OPEN -68.7%). Their daily returns move loosely together (correlation 0.39 across 399 shared trading days). Both have run at a similar volatility, around 108% annualised.
ERAOPEN
0.39over 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 | ERA | OPEN |
|---|---|---|
| Max drawdown (400d) | -90.2% | -87.3% |
| Risk-adjusted return (90d) | 0.00 | -0.66 |
| Best 30 days (past year) | +40.6% | +77.3% |
| Worst 30 days (past year) | -44.0% | -43.0% |
Relative strength over 90 days: ERA outperformed OPEN by 133.7% — measured on the ERA/OPEN ratio, so it holds regardless of market direction.