OKB (OKB) is 3578.5× the size of Ice Open Network (ION) by market capitalisation. Their daily returns move loosely together (correlation 0.51 across 45 shared trading days). ION has been the more volatile of the two, at 111% annualised against OKB's 53%.
IONOKB
0.51over 45 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 | ION | OKB |
|---|---|---|
| Max drawdown (400d) | -49.2% | -12.2% |
| Risk-adjusted return (90d) | -0.32 | 0.06 |
Relative strength over 90 days: OKB outperformed ION by 31.5% — measured on the ION/OKB ratio, so it holds regardless of market direction.