Anonymous Cat (ZCAT) is 5879.2× the size of Kuro (KURO) by market capitalisation. Their daily returns move barely together (correlation 0.19 across 24 shared trading days). ZCAT has been the more volatile of the two, at 290% annualised against KURO's 55%.
KUROZCAT
0.19over 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 | KURO | ZCAT |
|---|---|---|
| Max drawdown (400d) | -25.6% | -67.3% |
| Risk-adjusted return (90d) | -0.41 | -0.20 |
Relative strength over 90 days: KURO outperformed ZCAT by 14.4% — measured on the KURO/ZCAT ratio, so it holds regardless of market direction.