Bankr Kat (BANKAT) and Aero (AERO) compared side by side. Their daily returns move barely together (correlation 0.08 across 24 shared trading days). BANKAT has been the more volatile of the two, at 173% annualised against AERO's 100%.
BANKATAERO
0.08over 24 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 | BANKAT | AERO |
|---|---|---|
| Max drawdown (400d) | -55.8% | -42.3% |
| Risk-adjusted return (90d) | -0.32 | 0.30 |
Relative strength over 90 days: AERO outperformed BANKAT by 32.8% — measured on the BANKAT/AERO ratio, so it holds regardless of market direction.