Tensor (TNSR) is 174.9× the size of Nafter (NAFT) by market capitalisation. Over the past 1 year, TNSR is ahead by 19.9 percentage points (NAFT -59.9% against TNSR -40.0%). Their daily returns move barely together (correlation 0.06 across 369 shared trading days). TNSR has been the more volatile of the two, at 282% annualised against NAFT's 105%.
NAFTTNSR
0.06over 369 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 | NAFT | TNSR |
|---|---|---|
| Max drawdown (400d) | -74.8% | -89.4% |
| Risk-adjusted return (90d) | -0.39 | -0.16 |
| Best 30 days (past year) | +172.8% | +153.5% |
| Worst 30 days (past year) | -58.5% | -65.5% |
Relative strength over 90 days: TNSR outperformed NAFT by 38.3% — measured on the NAFT/TNSR ratio, so it holds regardless of market direction.