CEEK Smart VR (CEEK) is 2.1× the size of Neos Credits (NCR) by market capitalisation. Their daily returns move barely together (correlation 0.21 across 29 shared trading days). CEEK has been the more volatile of the two, at 81% annualised against NCR's 9%.
NCRCEEK
0.21over 29 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 | NCR | CEEK |
|---|---|---|
| Max drawdown (400d) | -2.5% | -75.0% |
| Risk-adjusted return (90d) | -0.22 | 0.31 |
Relative strength over 90 days: CEEK outperformed NCR by 6.5% — measured on the NCR/CEEK ratio, so it holds regardless of market direction.