Anonymous Cat (ZCAT) is 3292.6× the size of Catjak (CATJAK) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.01 across 22 shared trading days). Both have run at a similar volatility, around 277% annualised.
CATJAKZCAT
-0.01over 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 | CATJAK | ZCAT |
|---|---|---|
| Max drawdown (400d) | -70.9% | -69.4% |
| Risk-adjusted return (90d) | -0.26 | -0.21 |
Relative strength over 90 days: ZCAT outperformed CATJAK by 39.4% — measured on the CATJAK/ZCAT ratio, so it holds regardless of market direction.