Injective (INJ) is 8.0× the size of Ultima (ULTIMA) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.18 across 58 shared trading days). INJ has been the more volatile of the two, at 101% annualised against ULTIMA's 52%.
ULTIMAINJ
-0.18over 58 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 | ULTIMA | INJ |
|---|---|---|
| Max drawdown (400d) | -51.6% | -79.5% |
| Risk-adjusted return (90d) | -0.95 | 0.68 |
| Best 30 days (past year) | — | +92.8% |
| Worst 30 days (past year) | — | -46.8% |
Relative strength over 90 days: INJ outperformed ULTIMA by 73.9% — measured on the ULTIMA/INJ ratio, so it holds regardless of market direction.