affine (SN120) is 4.9× the size of 404—GEN (SN17) by market capitalisation. Over the past 30 days, SN17 is ahead by 32.5 percentage points (SN17 +12.8% against SN120 -19.7%). Their daily returns move closely together (correlation 0.80 across 26 shared trading days). Both have run at a similar volatility, around 112% annualised.
SN17SN120
0.80over 26 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 | SN17 | SN120 |
|---|---|---|
| Max drawdown (400d) | -22.6% | -37.7% |
| Risk-adjusted return (90d) | 0.12 | -0.16 |
Relative strength over 90 days: SN120 outperformed SN17 by 5.5% — measured on the SN17/SN120 ratio, so it holds regardless of market direction.