Ondo (ONDO) is 171.3× the size of KernelDAO (KERNEL) by market capitalisation. Over the past 1 year, ONDO is ahead by 20.5 percentage points (KERNEL -57.0% against ONDO -36.5%). Their daily returns move loosely together (correlation 0.43 across 399 shared trading days). KERNEL has been the more volatile of the two, at 109% annualised against ONDO's 95%.
KERNELONDO
0.43over 399 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 | KERNEL | ONDO |
|---|---|---|
| Max drawdown (400d) | -86.2% | -76.6% |
| Risk-adjusted return (90d) | 0.41 | 0.04 |
| Best 30 days (past year) | +79.7% | +76.6% |
| Worst 30 days (past year) | -48.1% | -50.8% |
Relative strength over 90 days: KERNEL outperformed ONDO by 34.0% — measured on the KERNEL/ONDO ratio, so it holds regardless of market direction.