Ultima (ULTIMA) is 65.8× the size of NAWS.AI (NAWS) by market capitalisation. Their daily returns move barely together (correlation 0.20 across 35 shared trading days). NAWS has been the more volatile of the two, at 263% annualised against ULTIMA's 52%.
NAWSULTIMA
0.20over 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 | NAWS | ULTIMA |
|---|---|---|
| Max drawdown (400d) | -95.6% | -51.6% |
| Risk-adjusted return (90d) | -0.29 | -0.96 |
Relative strength over 90 days: ULTIMA outperformed NAWS by 41.5% — measured on the NAWS/ULTIMA ratio, so it holds regardless of market direction.