Zcash (ZEC) is 5270.7× the size of Mind Network (FHE) by market capitalisation. Over the past 1 year, ZEC is ahead by 244.1 percentage points (FHE -63.2% against ZEC +181.0%). Their daily returns move barely together (correlation 0.02 across 372 shared trading days). FHE has been the more volatile of the two, at 277% annualised against ZEC's 149%.
FHEZEC
0.02over 372 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 | FHE | ZEC |
|---|---|---|
| Max drawdown (400d) | -93.2% | -71.8% |
| Risk-adjusted return (90d) | 0.06 | 1.06 |
| Best 30 days (past year) | +399.0% | +188.2% |
| Worst 30 days (past year) | -84.3% | -59.2% |
Relative strength over 90 days: ZEC outperformed FHE by 57.7% — measured on the FHE/ZEC ratio, so it holds regardless of market direction.