Chainlink (LINK) is 78.2× the size of Nest BlackOpal LiquidStone II Vault (NOPAL) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.32 across 57 shared trading days). LINK has been the more volatile of the two, at 71% annualised against NOPAL's 2%.
$1.1100
NOPALLINK
-0.32over 57 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 | NOPAL | LINK |
|---|---|---|
| Max drawdown (400d) | 0.0% | -69.2% |
| Risk-adjusted return (90d) | 0.83 | 0.53 |
| Best 30 days (past year) | — | +61.6% |
| Worst 30 days (past year) | — | -43.6% |
Relative strength over 90 days: LINK outperformed NOPAL by 15.0% — measured on the NOPAL/LINK ratio, so it holds regardless of market direction.