affine (SN120) is 20.1× the size of Mantis (SN123) by market capitalisation. Over the past 30 days, SN123 is ahead by 32.9 percentage points (SN123 +13.2% against SN120 -19.7%). Their daily returns move very closely together (correlation 0.88 across 25 shared trading days). Both have run at a similar volatility, around 113% annualised.
SN123SN120
0.88over 25 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 | SN123 | SN120 |
|---|---|---|
| Max drawdown (400d) | -24.9% | -37.7% |
| Risk-adjusted return (90d) | 0.12 | -0.16 |
Relative strength over 90 days: SN120 outperformed SN123 by 7.6% — measured on the SN123/SN120 ratio, so it holds regardless of market direction.