Popcat (POPCAT) is 861.8× the size of CATO (CATO) by market capitalisation. Their daily returns move barely together (correlation 0.19 across 33 shared trading days). POPCAT has been the more volatile of the two, at 102% annualised against CATO's 81%.
CATOPOPCAT
0.19over 33 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 | CATO | POPCAT |
|---|---|---|
| Max drawdown (400d) | -41.7% | -35.5% |
| Risk-adjusted return (90d) | 0.63 | -0.13 |
Relative strength over 90 days: CATO outperformed POPCAT by 45.1% — measured on the CATO/POPCAT ratio, so it holds regardless of market direction.