Opinion (OPN) is 17.5× the size of HILO (HILO) by market capitalisation. Their daily returns move barely together (correlation 0.20 across 33 shared trading days). OPN has been the more volatile of the two, at 170% annualised against HILO's 83%.
HILOOPN
0.20over 33 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 | HILO | OPN |
|---|---|---|
| Max drawdown (400d) | -39.7% | -88.8% |
| Risk-adjusted return (90d) | -0.39 | -0.20 |
Relative strength over 90 days: HILO outperformed OPN by 1.0% — measured on the HILO/OPN ratio, so it holds regardless of market direction.