Immutable (IMX) is 28.2× the size of Zircuit (ZRC) by market capitalisation. Over the past 1 year, IMX is ahead by 21.7 percentage points (ZRC -95.0% against IMX -73.3%). Their daily returns move barely together (correlation 0.23 across 373 shared trading days). ZRC has been the more volatile of the two, at 159% annualised against IMX's 90%.
ZRCIMX
0.23over 373 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 | ZRC | IMX |
|---|---|---|
| Max drawdown (400d) | -96.7% | -87.2% |
| Risk-adjusted return (90d) | 0.05 | 0.08 |
| Best 30 days (past year) | +107.0% | +67.7% |
| Worst 30 days (past year) | -63.9% | -50.4% |
Relative strength over 90 days: ZRC outperformed IMX by 29.0% — measured on the ZRC/IMX ratio, so it holds regardless of market direction.