Ultima (ULTIMA) is 2.7× the size of Ozapay (OZA) by market capitalisation. Over the past 30 days, OZA is ahead by 14.5 percentage points (OZA -26.7% against ULTIMA -41.2%). Their daily returns move barely together (correlation 0.12 across 51 shared trading days). OZA has been the more volatile of the two, at 91% annualised against ULTIMA's 52%.
OZAULTIMA
0.12over 51 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 | OZA | ULTIMA |
|---|---|---|
| Max drawdown (400d) | -33.1% | -51.6% |
| Risk-adjusted return (90d) | -0.25 | -0.96 |
Relative strength over 90 days: OZA outperformed ULTIMA by 54.4% — measured on the OZA/ULTIMA ratio, so it holds regardless of market direction.