Anonymous Cat (ZCAT) is 1598.8× the size of batcat (BTC) by market capitalisation. Their daily returns move barely together (correlation 0.01 across 20 shared trading days). ZCAT has been the more volatile of the two, at 290% annualised against BTC's 33%.
BTCZCAT
0.01over 20 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 | BTC | ZCAT |
|---|---|---|
| Max drawdown (400d) | -15.8% | -67.3% |
| Risk-adjusted return (90d) | — | -0.20 |
Relative strength over 90 days: BTC outperformed ZCAT by 14.0% — measured on the BTC/ZCAT ratio, so it holds regardless of market direction.