lium (SN51) is 22.3× the size of SN21 AdTAO (SN21) by market capitalisation. Over the past 30 days, SN51 is ahead by 8.4 percentage points (SN21 +7.7% against SN51 +16.1%). Their daily returns move very closely together (correlation 0.90 across 23 shared trading days). Both have run at a similar volatility, around 136% annualised.
SN21SN51
0.90over 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 | SN21 | SN51 |
|---|---|---|
| Max drawdown (400d) | -22.6% | -19.1% |
| Risk-adjusted return (90d) | 0.06 | 0.59 |
Relative strength over 90 days: SN51 outperformed SN21 by 24.6% — measured on the SN21/SN51 ratio, so it holds regardless of market direction.