Opinion (OPN) is 1121.7× the size of HEDGE (HEDGE) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.31 across 36 shared trading days). HEDGE has been the more volatile of the two, at 2027% annualised against OPN's 170%.
HEDGEOPN
-0.31over 36 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 | HEDGE | OPN |
|---|---|---|
| Max drawdown (400d) | -82.0% | -89.6% |
| Risk-adjusted return (90d) | 0.18 | -0.28 |
Relative strength over 90 days: HEDGE outperformed OPN by 543.7% — measured on the HEDGE/OPN ratio, so it holds regardless of market direction.