Unibase (UB) is 9.5× the size of OpenGradient (OPG) by market capitalisation. Their daily returns move barely together (correlation 0.15 across 59 shared trading days). OPG has been the more volatile of the two, at 155% annualised against UB's 101%.
OPGUB
0.15over 59 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 | OPG | UB |
|---|---|---|
| Max drawdown (400d) | -71.5% | -31.0% |
| Risk-adjusted return (90d) | 0.32 | -0.05 |
Relative strength over 90 days: OPG outperformed UB by 32.0% — measured on the OPG/UB ratio, so it holds regardless of market direction.