Zelwin (ZLW) and BabyBoomToken (BBT) compared side by side. Their daily returns move barely together (correlation 0.27 across 31 shared trading days). BBT has been the more volatile of the two, at 164% annualised against ZLW's 99%.
ZLWBBT
0.27over 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 | ZLW | BBT |
|---|---|---|
| Max drawdown (400d) | -84.7% | -41.3% |
| Risk-adjusted return (90d) | -0.44 | -0.23 |
Relative strength over 90 days: BBT outperformed ZLW by 36.2% — measured on the ZLW/BBT ratio, so it holds regardless of market direction.