LayerZero (ZRO) is 438.4× the size of XSwap (XSWAP) by market capitalisation. Over the past 1 year, ZRO is ahead by 116.1 percentage points (XSWAP -85.5% against ZRO +30.6%). Their daily returns move barely together (correlation 0.28 across 373 shared trading days). ZRO has been the more volatile of the two, at 103% annualised against XSWAP's 71%.
XSWAPZRO
0.28over 373 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 | XSWAP | ZRO |
|---|---|---|
| Max drawdown (400d) | -89.5% | -70.5% |
| Risk-adjusted return (90d) | -0.67 | 1.23 |
| Best 30 days (past year) | +45.5% | +115.2% |
| Worst 30 days (past year) | -59.9% | -47.3% |
Relative strength over 90 days: ZRO outperformed XSWAP by 59.8% — measured on the XSWAP/ZRO ratio, so it holds regardless of market direction.