Render (RENDER) is 18.5× the size of Nosana (NOS) by market capitalisation. Their daily returns move loosely together (correlation 0.39 across 50 shared trading days). NOS has been the more volatile of the two, at 142% annualised against RENDER's 95%.
NOSRENDER
0.39over 50 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 | NOS | RENDER |
|---|---|---|
| Max drawdown (400d) | -29.5% | -66.8% |
| Risk-adjusted return (90d) | 0.29 | 0.17 |
| Best 30 days (past year) | — | +82.4% |
| Worst 30 days (past year) | — | -49.7% |
Relative strength over 90 days: NOS outperformed RENDER by 40.4% — measured on the NOS/RENDER ratio, so it holds regardless of market direction.