Opinion (OPN) is 13.3× the size of Space (SPACE) by market capitalisation. Their daily returns move loosely together (correlation 0.52 across 34 shared trading days). SPACE has been the more volatile of the two, at 436% annualised against OPN's 170%.
SPACEOPN
0.52over 34 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 | SPACE | OPN |
|---|---|---|
| Max drawdown (400d) | -99.8% | -88.8% |
| Risk-adjusted return (90d) | -0.23 | -0.20 |
Relative strength over 90 days: OPN outperformed SPACE by 99.8% — measured on the SPACE/OPN ratio, so it holds regardless of market direction.