affine (SN120) is 2.1× the size of Hippius (SN75) by market capitalisation. Their daily returns move very closely together (correlation 0.85 across 35 shared trading days). Both have run at a similar volatility, around 114% annualised.
SN75SN120
0.85over 35 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 | SN75 | SN120 |
|---|---|---|
| Max drawdown (400d) | -74.0% | -37.7% |
| Risk-adjusted return (90d) | 0.44 | -0.16 |
Relative strength over 90 days: SN75 outperformed SN120 by 0.4% — measured on the SN75/SN120 ratio, so it holds regardless of market direction.