Opinion (OPN) is 159.7× the size of PNP Exchange (PNP) by market capitalisation. Their daily returns move barely together (correlation 0.16 across 27 shared trading days). Both have run at a similar volatility, around 176% annualised.
PNPOPN
0.16over 27 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 | PNP | OPN |
|---|---|---|
| Max drawdown (400d) | -61.5% | -88.8% |
| Risk-adjusted return (90d) | -0.25 | -0.23 |
Relative strength over 90 days: OPN outperformed PNP by 20.2% — measured on the PNP/OPN ratio, so it holds regardless of market direction.