Opinion (OPN) is 381.8× the size of fries (FRIES) by market capitalisation. Their daily returns move barely together (correlation 0.16 across 29 shared trading days). FRIES has been the more volatile of the two, at 200% annualised against OPN's 169%.
FRIESOPN
0.16over 29 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 | FRIES | OPN |
|---|---|---|
| Max drawdown (400d) | -90.4% | -88.8% |
| Risk-adjusted return (90d) | -0.45 | -0.23 |
Relative strength over 90 days: FRIES outperformed OPN by 77.3% — measured on the FRIES/OPN ratio, so it holds regardless of market direction.