Zcash (ZEC) is 9750.1× the size of Zephyr Protocol (ZEPH) by market capitalisation. Over the past 1 year, ZEC is ahead by 231.4 percentage points (ZEPH -50.4% against ZEC +181.0%). Their daily returns move barely together (correlation 0.15 across 363 shared trading days). ZEC has been the more volatile of the two, at 149% annualised against ZEPH's 126%.
ZEPHZEC
0.15over 363 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 | ZEPH | ZEC |
|---|---|---|
| Max drawdown (400d) | -80.0% | -71.8% |
| Risk-adjusted return (90d) | 0.09 | 1.06 |
| Best 30 days (past year) | — | +188.2% |
| Worst 30 days (past year) | — | -59.2% |
Relative strength over 90 days: ZEC outperformed ZEPH by 70.0% — measured on the ZEPH/ZEC ratio, so it holds regardless of market direction.