Derive (DRV) is 24.5× the size of Katana (KAT) by market capitalisation. Their daily returns move loosely together (correlation 0.44 across 57 shared trading days). DRV has been the more volatile of the two, at 596% annualised against KAT's 163%.
KATDRV
0.44over 57 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 | KAT | DRV |
|---|---|---|
| Max drawdown (400d) | -84.7% | -32.6% |
| Risk-adjusted return (90d) | -0.13 | 0.40 |
Relative strength over 90 days: DRV outperformed KAT by 73.9% — measured on the KAT/DRV ratio, so it holds regardless of market direction.