Zora (ZORA) is 9.4× the size of Eesee (ESE) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.18 across 43 shared trading days). ESE has been the more volatile of the two, at 271% annualised against ZORA's 163%.
ESEZORA
-0.18over 43 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 | ESE | ZORA |
|---|---|---|
| Max drawdown (400d) | -88.8% | -42.5% |
| Risk-adjusted return (90d) | -0.43 | -0.08 |
| Best 30 days (past year) | +563.6% | — |
| Worst 30 days (past year) | -62.3% | — |
Relative strength over 90 days: ZORA outperformed ESE by 64.7% — measured on the ESE/ZORA ratio, so it holds regardless of market direction.