BTOG vs ONL: Correlation
Bit Origin Limited - Class A (BTOG) and Orion Properties Inc. (ONL) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTOG and ONL?
Over the past 3 years, BTOG and ONL moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.07) than the 3-year average (-0.25). Over 5 years the correlation is -0.17, and the annualized covariance of weekly returns is -2996.4 %².
Out of 12 assets tracked against BTOG, ONL lands near the bottom at #11. The last year tells two different stories: ONL led by 100.6 percentage points, -97.2% for BTOG against +3.4% for ONL. Note the risk asymmetry: BTOG runs 4.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
BTOG vs ONL: side by side
| BTOG (Bit Origin Limited - Class A) | ONL (Orion Properties Inc.) | |
|---|---|---|
| 1-year return | -97.2% | +3.4% |
| 5-year return | -100.0% | -79.8% |
| Volatility (ann.) | 229.6% | 51.4% |
| Beta vs S&P 500 | 1.61 | 1.30 |
| Max drawdown (3Y) | -99.9% | -71.5% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 2.85% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BTOG | ONL |
|---|---|---|
| 2022 | -87.2% | -52.4% |
| 2023 | -21.4% | -28.4% |
| 2024 | -76.4% | -27.4% |
| 2025 | -82.4% | -36.9% |
| 2026 | -93.1% | +30.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTOG and ONL good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between BTOG and ONL?
The BTOG/ONL correlation stands at -0.25 on a 3-year window (1 year: 0.07, 5 years: -0.17), computed from weekly returns as of 2026-08-27.
Is ONL a good diversifier for BTOG?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 mean?
A reading of -0.25 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/btog-vs-onl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/btog-vs-onl/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BTOG correlations · ONL correlations
