Civic (CVC) is 5.2× the size of ONFA (OFT) by market capitalisation. Over the past 1 year, CVC is ahead by 35.3 percentage points (OFT -92.4% against CVC -57.2%). Their daily returns move barely in opposite directions (correlation -0.00 across 363 shared trading days). OFT has been the more volatile of the two, at 117% annualised against CVC's 81%.
OFTCVC
-0.00over 363 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 | OFT | CVC |
|---|---|---|
| Max drawdown (400d) | -94.0% | -81.0% |
| Risk-adjusted return (90d) | -0.48 | 0.22 |
| Best 30 days (past year) | — | +85.8% |
| Worst 30 days (past year) | — | -38.6% |
Relative strength over 90 days: CVC outperformed OFT by 78.6% — measured on the OFT/CVC ratio, so it holds regardless of market direction.