lium (SN51) is 6.3× the size of NOVA (SN68) by market capitalisation. Over the past 30 days, SN68 is ahead by 5.7 percentage points (SN68 +21.9% against SN51 +16.1%). Their daily returns move very closely together (correlation 0.90 across 26 shared trading days). SN51 has been the more volatile of the two, at 140% annualised against SN68's 97%.
SN68SN51
0.90over 26 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 | SN68 | SN51 |
|---|---|---|
| Max drawdown (400d) | -18.3% | -19.1% |
| Risk-adjusted return (90d) | 0.16 | 0.59 |
Relative strength over 90 days: SN51 outperformed SN68 by 14.9% — measured on the SN68/SN51 ratio, so it holds regardless of market direction.