Kite (KITE) is 9.2× the size of OpenLedger (OPEN) by market capitalisation. Over the past 1 year, KITE is ahead by 125.3 percentage points (OPEN -71.1% against KITE +54.3%). Their daily returns move barely together (correlation 0.17 across 366 shared trading days). Both have run at a similar volatility, around 117% annualised.
OPENKITE
0.17over 366 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 | OPEN | KITE |
|---|---|---|
| Max drawdown (400d) | -87.3% | -69.5% |
| Risk-adjusted return (90d) | -0.68 | 0.19 |
| Best 30 days (past year) | +77.3% | +151.2% |
| Worst 30 days (past year) | -43.0% | -55.6% |
Relative strength over 90 days: KITE outperformed OPEN by 65.0% — measured on the OPEN/KITE ratio, so it holds regardless of market direction.