Olympus (OHM) is 310.8× the size of Scallop (SCA) by market capitalisation. Their daily returns move barely together (correlation 0.09 across 43 shared trading days). SCA has been the more volatile of the two, at 175% annualised against OHM's 29%.
SCAOHM
0.09over 43 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 | SCA | OHM |
|---|---|---|
| Max drawdown (400d) | -67.7% | -10.8% |
| Risk-adjusted return (90d) | -0.20 | -0.03 |
Relative strength over 90 days: SCA outperformed OHM by 20.7% — measured on the SCA/OHM ratio, so it holds regardless of market direction.