The Sandbox (SAND) is 6672.1× the size of NBM Lumite (NBMLUM) by market capitalisation. Their daily returns move loosely together (correlation 0.41 across 170 shared trading days). NBMLUM has been the more volatile of the two, at 120% annualised against SAND's 103%.
NBMLUMSAND
0.41over 170 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 | NBMLUM | SAND |
|---|---|---|
| Max drawdown (400d) | -84.5% | -88.4% |
| Risk-adjusted return (90d) | 0.12 | 0.07 |
| Best 30 days (past year) | — | +94.1% |
| Worst 30 days (past year) | — | -48.8% |
Relative strength over 90 days: NBMLUM outperformed SAND by 30.3% — measured on the NBMLUM/SAND ratio, so it holds regardless of market direction.