Zama (ZAMA) is 7.4× the size of ZEROBASE (ZBT) by market capitalisation. Their daily returns move barely together (correlation 0.15 across 275 shared trading days). ZBT has been the more volatile of the two, at 163% annualised against ZAMA's 123%.
ZAMAZBT
0.15over 275 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 | ZAMA | ZBT |
|---|---|---|
| Max drawdown (400d) | -48.7% | -85.0% |
| Risk-adjusted return (90d) | 0.23 | -0.34 |
| Best 30 days (past year) | — | +221.4% |
| Worst 30 days (past year) | — | -54.8% |
Relative strength over 90 days: ZAMA outperformed ZBT by 153.2% — measured on the ZAMA/ZBT ratio, so it holds regardless of market direction.