MAG7.ssi (MAG7.SSI) is 1.3× the size of Numeraire (NMR) by market capitalisation. Their daily returns move barely together (correlation 0.29 across 56 shared trading days). NMR has been the more volatile of the two, at 91% annualised against MAG7.SSI's 53%.
NMRMAG7.SSI
0.29over 56 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 | NMR | MAG7.SSI |
|---|---|---|
| Max drawdown (400d) | -63.3% | -11.7% |
| Risk-adjusted return (90d) | 0.10 | 0.37 |
| Best 30 days (past year) | +70.5% | — |
| Worst 30 days (past year) | -30.0% | — |
Relative strength over 90 days: NMR outperformed MAG7.SSI by 2.9% — measured on the NMR/MAG7.SSI ratio, so it holds regardless of market direction.