OKB (OKB) is 93.6× the size of Metal DAO (MTL) by market capitalisation. Their daily returns move barely together (correlation 0.34 across 58 shared trading days). MTL has been the more volatile of the two, at 72% annualised against OKB's 53%.
MTLOKB
0.34over 58 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 | MTL | OKB |
|---|---|---|
| Max drawdown (400d) | -72.8% | -12.2% |
| Risk-adjusted return (90d) | 0.33 | 0.06 |
| Best 30 days (past year) | +74.2% | — |
| Worst 30 days (past year) | -35.3% | — |
Relative strength over 90 days: MTL outperformed OKB by 38.3% — measured on the MTL/OKB ratio, so it holds regardless of market direction.