lium (SN51) is 9.5× the size of Bitcast (SN93) by market capitalisation. Over the past 30 days, SN93 is ahead by 30.8 percentage points (SN93 +47.0% against SN51 +16.1%). Their daily returns move closely together (correlation 0.69 across 24 shared trading days). Both have run at a similar volatility, around 147% annualised.
SN93SN51
0.69over 24 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 | SN93 | SN51 |
|---|---|---|
| Max drawdown (400d) | -23.8% | -19.1% |
| Risk-adjusted return (90d) | 0.30 | 0.59 |
Relative strength over 90 days: SN93 outperformed SN51 by 3.5% — measured on the SN93/SN51 ratio, so it holds regardless of market direction.