The Sandbox (SAND) is 1.7× the size of Four (FORM) by market capitalisation. Over the past 1 year, FORM is ahead by 20.7 percentage points (FORM -54.1% against SAND -74.8%). Their daily returns move loosely together (correlation 0.37 across 399 shared trading days). FORM has been the more volatile of the two, at 134% annualised against SAND's 103%.
FORMSAND
0.37over 399 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 | FORM | SAND |
|---|---|---|
| Max drawdown (400d) | -86.9% | -88.4% |
| Risk-adjusted return (90d) | -0.06 | 0.07 |
| Best 30 days (past year) | +52.4% | +94.1% |
| Worst 30 days (past year) | -48.3% | -48.8% |
Relative strength over 90 days: SAND outperformed FORM by 16.8% — measured on the FORM/SAND ratio, so it holds regardless of market direction.