Optimism (OP) is 10.6× the size of Metis (METIS) by market capitalisation. Over the past 1 year, METIS is ahead by 1.8 percentage points (METIS -67.2% against OP -69.0%). Their daily returns move loosely together (correlation 0.58 across 399 shared trading days). Both have run at a similar volatility, around 102% annualised.
METISOP
0.58over 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 | METIS | OP |
|---|---|---|
| Max drawdown (400d) | -84.0% | -89.2% |
| Risk-adjusted return (90d) | 0.13 | 0.21 |
| Best 30 days (past year) | +47.5% | +67.2% |
| Worst 30 days (past year) | -42.3% | -60.5% |
Relative strength over 90 days: OP outperformed METIS by 9.7% — measured on the METIS/OP ratio, so it holds regardless of market direction.