Zebec Network (ZBCN) is 1689.5× the size of Elixir (ELX) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.08 across 43 shared trading days). ELX has been the more volatile of the two, at 118320% annualised against ZBCN's 106%.
ELXZBCN
-0.08over 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 | ELX | ZBCN |
|---|---|---|
| Max drawdown (400d) | -99.9% | -20.8% |
| Risk-adjusted return (90d) | 0.00 | 0.23 |
| Best 30 days (past year) | +23968.5% | — |
| Worst 30 days (past year) | -97.6% | — |
Relative strength over 90 days: ZBCN outperformed ELX by 19.0% — measured on the ELX/ZBCN ratio, so it holds regardless of market direction.