lium (SN51) is 27.1× the size of UR (SN25) by market capitalisation. Over the past 30 days, SN51 is ahead by 19.8 percentage points (SN25 -3.7% against SN51 +16.1%). Their daily returns move barely in opposite directions (correlation -0.04 across 24 shared trading days). Both have run at a similar volatility, around 149% annualised.
SN25SN51
-0.04over 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 | SN25 | SN51 |
|---|---|---|
| Max drawdown (400d) | -29.3% | -19.1% |
| Risk-adjusted return (90d) | -0.02 | 0.59 |
Relative strength over 90 days: SN51 outperformed SN25 by 32.1% — measured on the SN25/SN51 ratio, so it holds regardless of market direction.