Zcash (ZEC) is 432114.1× the size of Scala (XLA) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.12 across 31 shared trading days). XLA has been the more volatile of the two, at 189% annualised against ZEC's 149%.
XLAZEC
-0.12over 31 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 | XLA | ZEC |
|---|---|---|
| Max drawdown (400d) | -50.1% | -71.8% |
| Risk-adjusted return (90d) | -0.25 | 1.21 |
| Best 30 days (past year) | — | +188.2% |
| Worst 30 days (past year) | — | -59.2% |
Relative strength over 90 days: ZEC outperformed XLA by 53.6% — measured on the XLA/ZEC ratio, so it holds regardless of market direction.