lium (SN51) is 4.8× the size of iota (SN9) by market capitalisation. Over the past 30 days, SN51 is ahead by 33.6 percentage points (SN9 -17.5% against SN51 +16.1%). Their daily returns move closely together (correlation 0.69 across 46 shared trading days). SN51 has been the more volatile of the two, at 140% annualised against SN9's 104%.
SN9SN51
0.69over 46 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 | SN51 |
|---|---|---|
| Max drawdown (400d) | -37.2% | -19.1% |
| Risk-adjusted return (90d) | -0.29 | 0.59 |
Relative strength over 90 days: SN51 outperformed SN9 by 48.6% — measured on the SN9/SN51 ratio, so it holds regardless of market direction.