lium (SN51) is 95.2× the size of Candles (SN31) by market capitalisation. Over the past 30 days, SN51 is ahead by 8.2 percentage points (SN31 +8.0% against SN51 +16.1%). Their daily returns move very closely together (correlation 0.87 across 22 shared trading days). Both have run at a similar volatility, around 133% annualised.
SN31SN51
0.87over 22 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 | SN31 | SN51 |
|---|---|---|
| Max drawdown (400d) | -24.1% | -19.1% |
| Risk-adjusted return (90d) | 0.06 | 0.59 |
Relative strength over 90 days: SN51 outperformed SN31 by 29.3% — measured on the SN31/SN51 ratio, so it holds regardless of market direction.