Toshi (TOSHI) is 3.4× the size of Simon's Cat (CAT) by market capitalisation. Their daily returns move loosely together (correlation 0.38 across 45 shared trading days). CAT has been the more volatile of the two, at 126% annualised against TOSHI's 83%.
CATTOSHI
0.38over 45 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 | CAT | TOSHI |
|---|---|---|
| Max drawdown (400d) | -36.9% | -24.2% |
| Risk-adjusted return (90d) | 0.21 | -0.09 |
Relative strength over 90 days: CAT outperformed TOSHI by 3.5% — measured on the CAT/TOSHI ratio, so it holds regardless of market direction.