EfficientFrontier (SN53) is 1.9× the size of Hippius (SN75) by market capitalisation. Their daily returns move loosely together (correlation 0.48 across 35 shared trading days). SN53 has been the more volatile of the two, at 200% annualised against SN75's 110%.
SN75SN53
0.48over 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 | SN53 |
|---|---|---|
| Max drawdown (400d) | -74.0% | -40.6% |
| Risk-adjusted return (90d) | 0.44 | 0.09 |
Relative strength over 90 days: SN53 outperformed SN75 by 13.8% — measured on the SN75/SN53 ratio, so it holds regardless of market direction.