Targon (SN4) is 10.4× the size of Nuance (SN23) by market capitalisation. Over the past 30 days, SN23 is ahead by 60.9 percentage points (SN23 +56.3% against SN4 -4.6%). Their daily returns move very closely together (correlation 0.93 across 23 shared trading days). Both have run at a similar volatility, around 128% annualised.
SN23SN4
0.93over 23 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 | SN23 | SN4 |
|---|---|---|
| Max drawdown (400d) | -20.5% | -24.4% |
| Risk-adjusted return (90d) | 0.46 | 0.17 |
Relative strength over 90 days: SN23 outperformed SN4 by 26.6% — measured on the SN23/SN4 ratio, so it holds regardless of market direction.