Anonymous Cat (ZCAT) is 4557.5× the size of Flying Spinning Cat (FSC) by market capitalisation. Their daily returns move barely together (correlation 0.26 across 20 shared trading days). ZCAT has been the more volatile of the two, at 287% annualised against FSC's 63%.
FSCZCAT
0.26over 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 | FSC | ZCAT |
|---|---|---|
| Max drawdown (400d) | -30.6% | -69.4% |
| Risk-adjusted return (90d) | — | -0.21 |
Relative strength over 90 days: ZCAT outperformed FSC by 6.3% — measured on the FSC/ZCAT ratio, so it holds regardless of market direction.