OnRe Tokenized Reinsurance vs Midas mTBILL

OnRe Tokenized Reinsurance (ONYC) is 1.6× the size of Midas mTBILL (MTBILL) by market capitalisation. Over the past 30 days, ONYC is ahead by 1.3 percentage points (ONYC +1.8% against MTBILL +0.5%). Their daily returns move barely in opposite directions (correlation -0.03 across 55 shared trading days). ONYC has been the more volatile of the two, at 7% annualised against MTBILL's 1%.

Correlation: -0.03
Size ratio: 1.6×
Ahead over 30 days: ONYC

OnRe Tokenized ReinsuranceONYC

$1.1600

24h: +0.26%
Market cap: $119.20M
Volume 24h: $2.89M
Volatility (ann.): 7%

Midas mTBILLMTBILL

$1.0770

24h: +0.04%
Market cap: $73.48M
Volume 24h: —
Volatility (ann.): 1%

ONYC 61.9%Share of the two combined market caps38.1% MTBILL

Performance

ONYCMTBILL

7 days+0.00%+0.00%ONYC
30 days+1.75%+0.47%ONYC

Correlation

-0.03over 55 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.0590d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	ONYC	MTBILL
Max drawdown (400d)	-0.9%	0.0%
Risk-adjusted return (90d)	0.40	0.95

Relative strength over 90 days: ONYC outperformed MTBILL by 1.1% — measured on the ONYC/MTBILL ratio, so it holds regardless of market direction.

OnRe Tokenized Reinsurance →Midas mTBILL →