Zcash (ZEC) is 292.8× the size of Mina Protocol (MINA) by market capitalisation. Over the past 1 year, ZEC is ahead by 233.3 percentage points (MINA -52.4% against ZEC +181.0%). Their daily returns move barely together (correlation 0.31 across 399 shared trading days). ZEC has been the more volatile of the two, at 149% annualised against MINA's 109%.
MINAZEC
0.31over 399 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 | MINA | ZEC |
|---|---|---|
| Max drawdown (400d) | -80.1% | -71.8% |
| Risk-adjusted return (90d) | 0.26 | 1.06 |
| Best 30 days (past year) | +178.8% | +188.2% |
| Worst 30 days (past year) | -65.9% | -59.2% |
Relative strength over 90 days: ZEC outperformed MINA by 43.0% — measured on the MINA/ZEC ratio, so it holds regardless of market direction.