Ultima (ULTIMA) is 29.3× the size of Oobit (OOB) by market capitalisation. Over the past 30 days, OOB is ahead by 1.8 percentage points (OOB -39.4% against ULTIMA -41.2%). Their daily returns move loosely together (correlation 0.50 across 30 shared trading days). OOB has been the more volatile of the two, at 107% annualised against ULTIMA's 52%.
OOBULTIMA
0.50over 30 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 | OOB | ULTIMA |
|---|---|---|
| Max drawdown (400d) | -42.8% | -51.6% |
| Risk-adjusted return (90d) | -0.31 | -0.96 |
Relative strength over 90 days: OOB outperformed ULTIMA by 32.0% — measured on the OOB/ULTIMA ratio, so it holds regardless of market direction.