Anonymous Cat (ZCAT) is 2320.5× the size of Bitcat (BITCAT) by market capitalisation. Their daily returns move barely together (correlation 0.13 across 20 shared trading days). ZCAT has been the more volatile of the two, at 290% annualised against BITCAT's 232%.
BITCATZCAT
0.13over 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 | BITCAT | ZCAT |
|---|---|---|
| Max drawdown (400d) | -64.0% | -67.3% |
| Risk-adjusted return (90d) | — | -0.20 |
Relative strength over 90 days: ZCAT outperformed BITCAT by 46.7% — measured on the BITCAT/ZCAT ratio, so it holds regardless of market direction.