Chutes (SN64) is 11.2× the size of Level 114 (SN114) by market capitalisation. Over the past 30 days, SN114 is ahead by 92.9 percentage points (SN114 +89.5% against SN64 -3.5%). Their daily returns move closely together (correlation 0.80 across 24 shared trading days). Both have run at a similar volatility, around 147% annualised.
SN114SN64
0.80over 24 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 | SN114 | SN64 |
|---|---|---|
| Max drawdown (400d) | -15.8% | -32.6% |
| Risk-adjusted return (90d) | 0.58 | 0.03 |
Relative strength over 90 days: SN114 outperformed SN64 by 59.2% — measured on the SN114/SN64 ratio, so it holds regardless of market direction.