The Sandbox (SAND) is 9.8× the size of My Neighbor Alice (ALICE) by market capitalisation. Over the past 1 year, ALICE is ahead by 27.3 percentage points (ALICE -47.5% against SAND -74.8%). Their daily returns move barely together (correlation 0.35 across 399 shared trading days). ALICE has been the more volatile of the two, at 142% annualised against SAND's 103%.
ALICESAND
0.35over 399 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 | ALICE | SAND |
|---|---|---|
| Max drawdown (400d) | -81.4% | -88.4% |
| Risk-adjusted return (90d) | 0.07 | 0.07 |
| Best 30 days (past year) | +55.9% | +94.1% |
| Worst 30 days (past year) | -41.4% | -48.8% |
Relative strength over 90 days: SAND outperformed ALICE by 0.9% — measured on the ALICE/SAND ratio, so it holds regardless of market direction.