OrangeDX (O4DX) and Trio (Ordinals) (TRIO) compared side by side. Their daily returns move barely together (correlation 0.07 across 29 shared trading days). TRIO has been the more volatile of the two, at 198% annualised against O4DX's 126%.
O4DXTRIO
0.07over 29 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 | O4DX | TRIO |
|---|---|---|
| Max drawdown (400d) | -93.1% | -30.3% |
| Risk-adjusted return (90d) | -0.67 | 0.12 |
| Best 30 days (past year) | +428.6% | — |
| Worst 30 days (past year) | -70.2% | — |
Relative strength over 90 days: TRIO outperformed O4DX by 18.7% — measured on the O4DX/TRIO ratio, so it holds regardless of market direction.