Zelwin (ZLW) and LUCA (LUCA) compared side by side. Their daily returns move barely together (correlation 0.17 across 31 shared trading days). ZLW has been the more volatile of the two, at 99% annualised against LUCA's 50%.
ZLWLUCA
0.17over 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 | LUCA |
|---|---|---|
| Max drawdown (400d) | -84.7% | -24.3% |
| Risk-adjusted return (90d) | -0.44 | -0.11 |
Relative strength over 90 days: LUCA outperformed ZLW by 66.0% — measured on the ZLW/LUCA ratio, so it holds regardless of market direction.