Anonymous Cat (ZCAT) is 173.4× the size of Liquid Cat (CAT) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.24 across 22 shared trading days). CAT has been the more volatile of the two, at 527% annualised against ZCAT's 290%.
CATZCAT
-0.24over 22 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 | CAT | ZCAT |
|---|---|---|
| Max drawdown (400d) | -45.6% | -67.3% |
| Risk-adjusted return (90d) | -0.07 | -0.20 |
Relative strength over 90 days: ZCAT outperformed CAT by 19.2% — measured on the CAT/ZCAT ratio, so it holds regardless of market direction.