Midas mBASIS vs OnRe Tokenized Reinsurance

OnRe Tokenized Reinsurance (ONYC) is 22.7× the size of Midas mBASIS (MBASIS) by market capitalisation. Over the past 30 days, ONYC is ahead by 11.9 percentage points (MBASIS -11.0% against ONYC +0.9%). Their daily returns move barely in opposite directions (correlation -0.33 across 29 shared trading days). MBASIS has been the more volatile of the two, at 153% annualised against ONYC's 6%.

Correlation: -0.33
Size ratio: 1 : 22.7
Ahead over 30 days: ONYC

Midas mBASISMBASIS

$1.2200

24h: +0.00%
Market cap: $5.23M
Volume 24h: —
Volatility (ann.): 153%

OnRe Tokenized ReinsuranceONYC

$1.1600

24h: +0.41%
Market cap: $118.76M
Volume 24h: $2.71M
Volatility (ann.): 6%

MBASIS 4.2%Share of the two combined market caps95.8% ONYC

Performance

MBASISONYC

7 days-11.72%-0.86%ONYC
30 days-10.99%+0.88%ONYC

Correlation

-0.33over 29 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.3390d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	MBASIS	ONYC
Max drawdown (400d)	-27.9%	-0.9%
Risk-adjusted return (90d)	-0.07	0.28

Relative strength over 90 days: ONYC outperformed MBASIS by 11.8% — measured on the MBASIS/ONYC ratio, so it holds regardless of market direction.

Midas mBASIS →OnRe Tokenized Reinsurance →