Zcash (ZEC) is 5.2× the size of Gram (prev. Toncoin) (GRAM) by market capitalisation. Their daily returns move barely together (correlation 0.33 across 136 shared trading days). ZEC has been the more volatile of the two, at 138% annualised against GRAM's 59%.
ZECGRAM
0.33over 136 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 | ZEC | GRAM |
|---|---|---|
| Max drawdown (400d) | -71.8% | -42.8% |
| Risk-adjusted return (90d) | 0.57 | -0.34 |
| Best 30 days (past year) | +188.2% | — |
| Worst 30 days (past year) | -59.2% | — |
Relative strength over 90 days: ZEC outperformed GRAM by 127.2% — measured on the ZEC/GRAM ratio, so it holds regardless of market direction.