The9bit (9BIT) and OPENLOOT (OL) compared side by side. Their daily returns move barely in opposite directions (correlation -0.08 across 268 shared trading days). 9BIT has been the more volatile of the two, at 190% annualised against OL's 141%.
9BITOL
-0.08over 268 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 | 9BIT | OL |
|---|---|---|
| Max drawdown (400d) | -59.7% | -89.5% |
| Risk-adjusted return (90d) | 0.14 | 0.18 |
| Best 30 days (past year) | — | +64.2% |
| Worst 30 days (past year) | — | -52.3% |
Relative strength over 90 days: 9BIT outperformed OL by 5.1% — measured on the 9BIT/OL ratio, so it holds regardless of market direction.