Toshi (TOSHI) is 18.8× the size of Nacho the Kat (NACHO) by market capitalisation. Their daily returns move barely together (correlation 0.00 across 35 shared trading days). NACHO has been the more volatile of the two, at 167% annualised against TOSHI's 83%.
NACHOTOSHI
0.00over 35 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 | NACHO | TOSHI |
|---|---|---|
| Max drawdown (400d) | -88.3% | -24.2% |
| Risk-adjusted return (90d) | 0.27 | -0.09 |
Relative strength over 90 days: NACHO outperformed TOSHI by 98.8% — measured on the NACHO/TOSHI ratio, so it holds regardless of market direction.