affine (SN120) is 19.6× the size of Numinous (SN6) by market capitalisation. Over the past 30 days, SN6 is ahead by 19.9 percentage points (SN6 +0.2% against SN120 -19.7%). Their daily returns move closely together (correlation 0.77 across 25 shared trading days). Both have run at a similar volatility, around 113% annualised.
SN6SN120
0.77over 25 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 | SN6 | SN120 |
|---|---|---|
| Max drawdown (400d) | -22.6% | -37.7% |
| Risk-adjusted return (90d) | 0.00 | -0.16 |
Relative strength over 90 days: SN120 outperformed SN6 by 18.0% — measured on the SN6/SN120 ratio, so it holds regardless of market direction.