Cetus Protocol (CETUS) is 30.7× the size of Obsidian (OBS) by market capitalisation. Their daily returns move loosely together (correlation 0.51 across 38 shared trading days). OBS has been the more volatile of the two, at 210% annualised against CETUS's 97%.
OBSCETUS
0.51over 38 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 | OBS | CETUS |
|---|---|---|
| Max drawdown (400d) | -40.2% | -81.5% |
| Risk-adjusted return (90d) | 0.69 | 0.19 |
| Best 30 days (past year) | — | +88.6% |
| Worst 30 days (past year) | — | -51.6% |
Relative strength over 90 days: OBS outperformed CETUS by 173.8% — measured on the OBS/CETUS ratio, so it holds regardless of market direction.