Opinion (OPN) is 1633.6× the size of Cup Markets (CUP) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.31 across 24 shared trading days). OPN has been the more volatile of the two, at 169% annualised against CUP's 67%.
CUPOPN
-0.31over 24 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 | CUP | OPN |
|---|---|---|
| Max drawdown (400d) | -24.2% | -88.8% |
| Risk-adjusted return (90d) | -0.31 | -0.23 |
Relative strength over 90 days: CUP outperformed OPN by 11.3% — measured on the CUP/OPN ratio, so it holds regardless of market direction.