RealLink (REAL) is 10.5× the size of Cratos (CRTS) by market capitalisation. Their daily returns move barely together (correlation 0.02 across 31 shared trading days). REAL has been the more volatile of the two, at 271% annualised against CRTS's 91%.
CRTSREAL
0.02over 31 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 | CRTS | REAL |
|---|---|---|
| Max drawdown (400d) | -79.0% | -90.0% |
| Risk-adjusted return (90d) | 0.22 | -0.31 |
Relative strength over 90 days: CRTS outperformed REAL by 1003.3% — measured on the CRTS/REAL ratio, so it holds regardless of market direction.