XIIID (XIIID) is 2.1× the size of UDAO (UDAO) by market capitalisation. Their daily returns move barely together (correlation 0.06 across 31 shared trading days). XIIID has been the more volatile of the two, at 109% annualised against UDAO's 37%.
UDAOXIIID
0.06over 31 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 | UDAO | XIIID |
|---|---|---|
| Max drawdown (400d) | -47.9% | -31.5% |
| Risk-adjusted return (90d) | 0.42 | -0.17 |
Relative strength over 90 days: UDAO outperformed XIIID by 17.6% — measured on the UDAO/XIIID ratio, so it holds regardless of market direction.