Chiliz (CHZ) is 60.0× the size of OneFootball Credits (OFC) by market capitalisation. Their daily returns move loosely together (correlation 0.35 across 181 shared trading days). OFC has been the more volatile of the two, at 171% annualised against CHZ's 89%.
OFCCHZ
0.35over 181 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 | OFC | CHZ |
|---|---|---|
| Max drawdown (400d) | -92.1% | -81.0% |
| Risk-adjusted return (90d) | -0.34 | -0.12 |
| Best 30 days (past year) | — | +116.1% |
| Worst 30 days (past year) | — | -53.0% |
Relative strength over 90 days: CHZ outperformed OFC by 36.7% — measured on the OFC/CHZ ratio, so it holds regardless of market direction.