Zebec Network (ZBCN) is 119.6× the size of HandlPay (HANDL) by market capitalisation. Their daily returns move barely together (correlation 0.25 across 45 shared trading days). HANDL has been the more volatile of the two, at 279% annualised against ZBCN's 106%.
HANDLZBCN
0.25over 45 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 | HANDL | ZBCN |
|---|---|---|
| Max drawdown (400d) | -88.2% | -20.8% |
| Risk-adjusted return (90d) | -0.21 | 0.23 |
Relative strength over 90 days: ZBCN outperformed HANDL by 15.4% — measured on the HANDL/ZBCN ratio, so it holds regardless of market direction.