Ondo (ONDO) is 269.6× the size of Marina Protocol (BAY) by market capitalisation. Over the past 1 year, ONDO is ahead by 30.5 percentage points (BAY -67.0% against ONDO -36.5%). Their daily returns move barely in opposite directions (correlation -0.05 across 342 shared trading days). BAY has been the more volatile of the two, at 202% annualised against ONDO's 95%.
BAYONDO
-0.05over 342 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 | BAY | ONDO |
|---|---|---|
| Max drawdown (400d) | -95.7% | -76.6% |
| Risk-adjusted return (90d) | 1.01 | 0.04 |
| Best 30 days (past year) | — | +76.6% |
| Worst 30 days (past year) | — | -50.8% |
Relative strength over 90 days: BAY outperformed ONDO by 204.5% — measured on the BAY/ONDO ratio, so it holds regardless of market direction.