Zerebro (ZEREBRO) is 145.5× the size of SMOL (SMOL) by market capitalisation. Their daily returns move loosely together (correlation 0.46 across 30 shared trading days). SMOL has been the more volatile of the two, at 273% annualised against ZEREBRO's 81%.
SMOLZEREBRO
0.46over 30 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 | SMOL | ZEREBRO |
|---|---|---|
| Max drawdown (400d) | -99.7% | -40.7% |
| Risk-adjusted return (90d) | -0.39 | -0.42 |
Relative strength over 90 days: ZEREBRO outperformed SMOL by 96.7% — measured on the SMOL/ZEREBRO ratio, so it holds regardless of market direction.