Kinesis Silver (KAG) is 20.9× the size of Uranium (XU3O8) by market capitalisation. Their daily returns move barely together (correlation 0.15 across 35 shared trading days). KAG has been the more volatile of the two, at 200% annualised against XU3O8's 21%.
XU3O8KAG
0.15over 35 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 | KAG |
|---|---|---|
| Max drawdown (400d) | -19.3% | -36.6% |
| Risk-adjusted return (90d) | 0.26 | -0.12 |
Relative strength over 90 days: XU3O8 outperformed KAG by 7.8% — measured on the XU3O8/KAG ratio, so it holds regardless of market direction.