affine (SN120) is 1.6× the size of iota (SN9) by market capitalisation. Over the past 30 days, SN9 is ahead by 2.2 percentage points (SN9 -17.5% against SN120 -19.7%). Their daily returns move very closely together (correlation 0.92 across 48 shared trading days). Both have run at a similar volatility, around 111% annualised.
SN9SN120
0.92over 48 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 | SN9 | SN120 |
|---|---|---|
| Max drawdown (400d) | -37.2% | -37.7% |
| Risk-adjusted return (90d) | -0.29 | -0.16 |
Relative strength over 90 days: SN120 outperformed SN9 by 5.0% — measured on the SN9/SN120 ratio, so it holds regardless of market direction.