Zcash (ZEC) is 26672.6× the size of Neptune Privacy (XNT) by market capitalisation. Their daily returns move barely together (correlation 0.22 across 160 shared trading days). XNT has been the more volatile of the two, at 247% annualised against ZEC's 149%.
XNTZEC
0.22over 160 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 | XNT | ZEC |
|---|---|---|
| Max drawdown (400d) | -92.4% | -71.8% |
| Risk-adjusted return (90d) | 0.51 | 1.21 |
| Best 30 days (past year) | — | +188.2% |
| Worst 30 days (past year) | — | -59.2% |
Relative strength over 90 days: ZEC outperformed XNT by 42.6% — measured on the XNT/ZEC ratio, so it holds regardless of market direction.