Zebec Network (ZBCN) is 5.4× the size of Centrifuge (CFG) by market capitalisation. Their daily returns move loosely together (correlation 0.43 across 57 shared trading days). Both have run at a similar volatility, around 106% annualised.
CFGZBCN
0.43over 57 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 | CFG | ZBCN |
|---|---|---|
| Max drawdown (400d) | -70.4% | -20.8% |
| Risk-adjusted return (90d) | -0.47 | 0.23 |
Relative strength over 90 days: ZBCN outperformed CFG by 53.2% — measured on the CFG/ZBCN ratio, so it holds regardless of market direction.