<p>In this paper, we propose a new distribution with unitary support which can be characterized as a ratio of the type <InlineEquation ID="IEq1"> <EquationSource Format="TEX">\(W=X_1/(X_1+X_2)\)</EquationSource> <EquationSource Format="MATHML"><math> <mrow> <mi>W</mi> <mo>=</mo> <msub> <mi>X</mi> <mn>1</mn> </msub> <mo stretchy="false">/</mo> <mrow> <mo stretchy="false">(</mo> <msub> <mi>X</mi> <mn>1</mn> </msub> <mo>+</mo> <msub> <mi>X</mi> <mn>2</mn> </msub> <mo stretchy="false">)</mo> </mrow> </mrow> </math></EquationSource> </InlineEquation>, where <InlineEquation ID="IEq2"> <EquationSource Format="TEX">\((X_1, X_2)^\top\)</EquationSource> <EquationSource Format="MATHML"><math> <msup> <mrow> <mo stretchy="false">(</mo> <msub> <mi>X</mi> <mn>1</mn> </msub> <mo>,</mo> <msub> <mi>X</mi> <mn>2</mn> </msub> <mo stretchy="false">)</mo> </mrow> <mi>⊤</mi> </msup> </math></EquationSource> </InlineEquation> follows a bivariate extreme distribution with Fréchet margins, that is, <InlineEquation ID="IEq3"> <EquationSource Format="TEX">\(X_1\)</EquationSource> <EquationSource Format="MATHML"><math> <msub> <mi>X</mi> <mn>1</mn> </msub> </math></EquationSource> </InlineEquation> and <InlineEquation ID="IEq4"> <EquationSource Format="TEX">\(X_2\)</EquationSource> <EquationSource Format="MATHML"><math> <msub> <mi>X</mi> <mn>2</mn> </msub> </math></EquationSource> </InlineEquation> are two correlated Fréchet random variables. Some mathematical properties such as identifiability, symmetry, stochastic representation, characterization as a ratio, moments, stress-strength probability, quantiles, and the maximum likelihood method are rigorously analyzed. Two applications of the ratio distribution are discussed.</p>