The Sandbox (SAND) is 73.2× the size of Not Pixel (PX) by market capitalisation. Over the past 1 year, PX is ahead by 3.1 percentage points (PX -71.8% against SAND -74.8%). Their daily returns move loosely together (correlation 0.40 across 373 shared trading days). Both have run at a similar volatility, around 102% annualised.
PXSAND
0.40over 373 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 | PX | SAND |
|---|---|---|
| Max drawdown (400d) | -76.2% | -88.4% |
| Risk-adjusted return (90d) | -0.33 | 0.07 |
| Best 30 days (past year) | +108.2% | +94.1% |
| Worst 30 days (past year) | -45.0% | -48.8% |
Relative strength over 90 days: SAND outperformed PX by 25.3% — measured on the PX/SAND ratio, so it holds regardless of market direction.