Opinion (OPN) is 15.3× the size of Kairo (KAIRO) by market capitalisation. Their daily returns move barely together (correlation 0.15 across 20 shared trading days). KAIRO has been the more volatile of the two, at 709% annualised against OPN's 169%.
KAIROOPN
0.15over 20 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 | KAIRO | OPN |
|---|---|---|
| Max drawdown (400d) | -58.9% | -88.8% |
| Risk-adjusted return (90d) | — | -0.23 |
Relative strength over 90 days: OPN outperformed KAIRO by 1.1% — measured on the KAIRO/OPN ratio, so it holds regardless of market direction.