Zora (ZORA) is 163.2× the size of Nafter (NAFT) by market capitalisation. Their daily returns move barely together (correlation 0.29 across 42 shared trading days). ZORA has been the more volatile of the two, at 162% annualised against NAFT's 105%.
NAFTZORA
0.29over 42 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 | NAFT | ZORA |
|---|---|---|
| Max drawdown (400d) | -74.8% | -42.5% |
| Risk-adjusted return (90d) | -0.39 | -0.08 |
| Best 30 days (past year) | +172.8% | — |
| Worst 30 days (past year) | -58.5% | — |
Relative strength over 90 days: ZORA outperformed NAFT by 17.8% — measured on the NAFT/ZORA ratio, so it holds regardless of market direction.