Zelwin (ZLW) and Marina Protocol (BAY) compared side by side. Over the past 1 year, BAY is ahead by 15.9 percentage points (ZLW -82.9% against BAY -67.0%). Their daily returns move barely together (correlation 0.01 across 332 shared trading days). BAY has been the more volatile of the two, at 202% annualised against ZLW's 99%.
ZLWBAY
0.01over 332 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 | BAY |
|---|---|---|
| Max drawdown (400d) | -84.7% | -95.7% |
| Risk-adjusted return (90d) | -0.44 | 1.01 |
Relative strength over 90 days: BAY outperformed ZLW by 87.7% — measured on the ZLW/BAY ratio, so it holds regardless of market direction.