KRONA (KRO) and Ultra Cat (ULTCAT) compared side by side. Their daily returns move barely together (correlation 0.16 across 24 shared trading days). ULTCAT has been the more volatile of the two, at 565% annualised against KRO's 290%.
KROULTCAT
0.16over 24 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 | KRO | ULTCAT |
|---|---|---|
| Max drawdown (400d) | -92.3% | -58.5% |
| Risk-adjusted return (90d) | -0.32 | 0.21 |
Relative strength over 90 days: ULTCAT outperformed KRO by 97.0% — measured on the KRO/ULTCAT ratio, so it holds regardless of market direction.