Ethereum (ETH) is 8572.9× the size of Ontology Gas (ONG) by market capitalisation. Over the past 1 year, ONG is ahead by 8.6 percentage points (ONG -28.2% against ETH -36.9%). Their daily returns move barely together (correlation 0.25 across 399 shared trading days). ONG has been the more volatile of the two, at 201% annualised against ETH's 62%.
ONGETH
0.25over 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 | ONG | ETH |
|---|---|---|
| Max drawdown (400d) | -74.4% | -66.5% |
| Risk-adjusted return (90d) | 0.17 | 0.36 |
| Best 30 days (past year) | +453.4% | +34.1% |
| Worst 30 days (past year) | -59.5% | -44.6% |
Relative strength over 90 days: ONG outperformed ETH by 39.1% — measured on the ONG/ETH ratio, so it holds regardless of market direction.