Ultima (ULTIMA) is 26.2× the size of Wigl (WIGL) by market capitalisation. Over the past 30 days, WIGL is ahead by 34.8 percentage points (WIGL -6.4% against ULTIMA -41.2%). Their daily returns move closely together (correlation 0.75 across 31 shared trading days). ULTIMA has been the more volatile of the two, at 52% annualised against WIGL's 31%.
WIGLULTIMA
0.75over 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 | WIGL | ULTIMA |
|---|---|---|
| Max drawdown (400d) | -10.8% | -51.6% |
| Risk-adjusted return (90d) | -0.26 | -0.96 |
Relative strength over 90 days: WIGL outperformed ULTIMA by 81.9% — measured on the WIGL/ULTIMA ratio, so it holds regardless of market direction.