Electric Cash (ELCASH) and Ultima (ULTIMA) compared side by side. Over the past 30 days, ELCASH is ahead by 44.5 percentage points (ELCASH +3.3% against ULTIMA -41.2%). Their daily returns move barely together (correlation 0.10 across 20 shared trading days). ULTIMA has been the more volatile of the two, at 52% annualised against ELCASH's 27%.
ELCASHULTIMA
0.10over 20 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 | ELCASH | ULTIMA |
|---|---|---|
| Max drawdown (400d) | -4.3% | -51.6% |
| Risk-adjusted return (90d) | 0.12 | -0.96 |
Relative strength over 90 days: ELCASH outperformed ULTIMA by 22.4% — measured on the ELCASH/ULTIMA ratio, so it holds regardless of market direction.