Ultima (ULTIMA) is 16.8× the size of XTP (XTP) by market capitalisation. Over the past 30 days, XTP is ahead by 18.3 percentage points (XTP -22.9% against ULTIMA -41.2%). Their daily returns move barely together (correlation 0.14 across 33 shared trading days). XTP has been the more volatile of the two, at 96% annualised against ULTIMA's 52%.
XTPULTIMA
0.14over 33 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 | XTP | ULTIMA |
|---|---|---|
| Max drawdown (400d) | -28.8% | -51.6% |
| Risk-adjusted return (90d) | -0.25 | -0.96 |
Relative strength over 90 days: XTP outperformed ULTIMA by 51.2% — measured on the XTP/ULTIMA ratio, so it holds regardless of market direction.