OKB (OKB) is 141694.7× the size of Novastro (XNL) by market capitalisation. Their daily returns move loosely together (correlation 0.37 across 44 shared trading days). XNL has been the more volatile of the two, at 182% annualised against OKB's 52%.
XNLOKB
0.37over 44 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 | XNL | OKB |
|---|---|---|
| Max drawdown (400d) | -99.6% | -12.2% |
| Risk-adjusted return (90d) | -0.55 | 0.11 |
Relative strength over 90 days: OKB outperformed XNL by 31.6% — measured on the XNL/OKB ratio, so it holds regardless of market direction.