OpenLedger (OPEN) is 3.3× the size of Newton Protocol (NEWT) by market capitalisation. Over the past 1 year, NEWT is ahead by 6.7 percentage points (NEWT -64.4% against OPEN -71.1%). Their daily returns move loosely together (correlation 0.51 across 399 shared trading days). OPEN has been the more volatile of the two, at 112% annualised against NEWT's 78%.
NEWTOPEN
0.51over 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 | NEWT | OPEN |
|---|---|---|
| Max drawdown (400d) | -82.8% | -87.3% |
| Risk-adjusted return (90d) | 0.15 | -0.68 |
| Best 30 days (past year) | +25.9% | +77.3% |
| Worst 30 days (past year) | -40.8% | -43.0% |
Relative strength over 90 days: NEWT outperformed OPEN by 164.4% — measured on the NEWT/OPEN ratio, so it holds regardless of market direction.