Ultima (ULTIMA) is 33.6× the size of Phoenic Token (PNIC) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.03 across 35 shared trading days). PNIC has been the more volatile of the two, at 129% annualised against ULTIMA's 52%.
PNICULTIMA
-0.03over 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 | PNIC | ULTIMA |
|---|---|---|
| Max drawdown (400d) | -88.1% | -51.6% |
| Risk-adjusted return (90d) | -0.20 | -0.96 |
Relative strength over 90 days: PNIC outperformed ULTIMA by 30.8% — measured on the PNIC/ULTIMA ratio, so it holds regardless of market direction.