Targon (SN4) is 3.7× the size of Hippius (SN75) by market capitalisation. Their daily returns move very closely together (correlation 0.91 across 35 shared trading days). SN4 has been the more volatile of the two, at 134% annualised against SN75's 110%.
SN75SN4
0.91over 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 | SN4 |
|---|---|---|
| Max drawdown (400d) | -74.0% | -24.4% |
| Risk-adjusted return (90d) | 0.44 | 0.17 |
Relative strength over 90 days: SN4 outperformed SN75 by 11.6% — measured on the SN75/SN4 ratio, so it holds regardless of market direction.