Zora (ZORA) is 37.6× the size of WHALE (WHALE) by market capitalisation. Over the past 30 days, WHALE is ahead by 28.8 percentage points (WHALE -2.6% against ZORA -31.3%). Their daily returns move barely together (correlation 0.10 across 25 shared trading days). ZORA has been the more volatile of the two, at 163% annualised against WHALE's 47%.
WHALEZORA
0.10over 25 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 | WHALE | ZORA |
|---|---|---|
| Max drawdown (400d) | -8.5% | -42.5% |
| Risk-adjusted return (90d) | -0.05 | -0.08 |
Relative strength over 90 days: WHALE outperformed ZORA by 14.6% — measured on the WHALE/ZORA ratio, so it holds regardless of market direction.