OpenLedger (OPEN) is 5.3× the size of MyShell (SHELL) by market capitalisation. Over the past 1 year, OPEN is ahead by 10.3 percentage points (SHELL -78.9% against OPEN -68.7%). Their daily returns move loosely together (correlation 0.37 across 399 shared trading days). Both have run at a similar volatility, around 105% annualised.
SHELLOPEN
0.37over 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 | SHELL | OPEN |
|---|---|---|
| Max drawdown (400d) | -85.8% | -87.3% |
| Risk-adjusted return (90d) | 0.25 | -0.66 |
| Best 30 days (past year) | +38.6% | +77.3% |
| Worst 30 days (past year) | -55.7% | -43.0% |
Relative strength over 90 days: SHELL outperformed OPEN by 182.6% — measured on the SHELL/OPEN ratio, so it holds regardless of market direction.