Popcat (POPCAT) is 38.6× the size of catwifmask (MASK) by market capitalisation. Over the past 30 days, MASK is ahead by 17.5 percentage points (MASK +0.7% against POPCAT -16.8%). Their daily returns move barely together (correlation 0.25 across 32 shared trading days). Both have run at a similar volatility, around 105% annualised.
MASKPOPCAT
0.25over 32 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 | MASK | POPCAT |
|---|---|---|
| Max drawdown (400d) | -24.9% | -35.5% |
| Risk-adjusted return (90d) | -0.15 | -0.13 |
Relative strength over 90 days: MASK outperformed POPCAT by 10.5% — measured on the MASK/POPCAT ratio, so it holds regardless of market direction.