Anonymous Cat (ZCAT) is 1059.2× the size of ZAZU (ZAZU) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.44 across 20 shared trading days). Both have run at a similar volatility, around 311% annualised.
ZAZUZCAT
-0.44over 20 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 | ZAZU | ZCAT |
|---|---|---|
| Max drawdown (400d) | -84.8% | -67.3% |
| Risk-adjusted return (90d) | — | -0.20 |
Relative strength over 90 days: ZCAT outperformed ZAZU by 81.2% — measured on the ZAZU/ZCAT ratio, so it holds regardless of market direction.