The Sandbox (SAND) is 163.5× the size of PlayZap (PZP) by market capitalisation. Over the past 1 year, PZP is ahead by 65.0 percentage points (PZP -8.9% against SAND -73.9%). Their daily returns move barely together (correlation 0.15 across 373 shared trading days). PZP has been the more volatile of the two, at 320% annualised against SAND's 103%.
PZPSAND
0.15over 373 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 | PZP | SAND |
|---|---|---|
| Max drawdown (400d) | -90.4% | -88.4% |
| Risk-adjusted return (90d) | 0.72 | 0.07 |
| Best 30 days (past year) | +492.7% | +94.1% |
| Worst 30 days (past year) | -52.9% | -48.8% |
Relative strength over 90 days: PZP outperformed SAND by 463.2% — measured on the PZP/SAND ratio, so it holds regardless of market direction.