Optimism (OP) is 15.4× the size of Puffer (PUFFER) by market capitalisation. Over the past 1 year, OP is ahead by 15.3 percentage points (PUFFER -84.3% against OP -69.0%). Their daily returns move loosely together (correlation 0.41 across 371 shared trading days). PUFFER has been the more volatile of the two, at 127% annualised against OP's 100%.
PUFFEROP
0.41over 371 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 | PUFFER | OP |
|---|---|---|
| Max drawdown (400d) | -93.6% | -89.2% |
| Risk-adjusted return (90d) | 0.68 | 0.21 |
| Best 30 days (past year) | +142.9% | +67.2% |
| Worst 30 days (past year) | -50.8% | -60.5% |
Relative strength over 90 days: PUFFER outperformed OP by 75.0% — measured on the PUFFER/OP ratio, so it holds regardless of market direction.