Stellar (XLM) is 49.6× the size of OnRe Tokenized Reinsurance (ONYC) by market capitalisation. Their daily returns move loosely together (correlation 0.38 across 57 shared trading days). XLM has been the more volatile of the two, at 78% annualised against ONYC's 7%.
ONYCXLM
0.38over 57 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 | ONYC | XLM |
|---|---|---|
| Max drawdown (400d) | -0.9% | -64.9% |
| Risk-adjusted return (90d) | 0.40 | 0.06 |
| Best 30 days (past year) | — | +63.3% |
| Worst 30 days (past year) | — | -39.7% |
Relative strength over 90 days: XLM outperformed ONYC by 5.3% — measured on the ONYC/XLM ratio, so it holds regardless of market direction.