affine (SN120) is 2.8× the size of BitMind (SN34) by market capitalisation. Over the past 30 days, SN34 is ahead by 43.4 percentage points (SN34 +23.7% against SN120 -19.7%). Their daily returns move very closely together (correlation 0.85 across 26 shared trading days). Both have run at a similar volatility, around 111% annualised.
SN34SN120
0.85over 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 | SN34 | SN120 |
|---|---|---|
| Max drawdown (400d) | -19.5% | -37.7% |
| Risk-adjusted return (90d) | 0.23 | -0.16 |
Relative strength over 90 days: SN34 outperformed SN120 by 3.6% — measured on the SN34/SN120 ratio, so it holds regardless of market direction.