Kinesis Gold (KAU) is 38.8× the size of Uranium (XU3O8) by market capitalisation. Their daily returns move loosely together (correlation 0.50 across 34 shared trading days). KAU has been the more volatile of the two, at 33% annualised against XU3O8's 21%.
XU3O8KAU
0.50over 34 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 | XU3O8 | KAU |
|---|---|---|
| Max drawdown (400d) | -19.3% | -18.0% |
| Risk-adjusted return (90d) | 0.26 | -0.32 |
Relative strength over 90 days: XU3O8 outperformed KAU by 7.5% — measured on the XU3O8/KAU ratio, so it holds regardless of market direction.