Zcash (ZEC) is 174.1× the size of Ozone Chain (OZO) by market capitalisation. Their daily returns move barely together (correlation 0.15 across 57 shared trading days). ZEC has been the more volatile of the two, at 149% annualised against OZO's 4%.
OZOZEC
0.15over 57 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 | OZO | ZEC |
|---|---|---|
| Max drawdown (400d) | -0.8% | -71.8% |
| Risk-adjusted return (90d) | 0.02 | 1.06 |
| Best 30 days (past year) | — | +188.2% |
| Worst 30 days (past year) | — | -59.2% |
Relative strength over 90 days: ZEC outperformed OZO by 57.8% — measured on the OZO/ZEC ratio, so it holds regardless of market direction.