PROJECT XENO (GXE) and The Sandbox (SAND) compared side by side. Over the past 1 year, SAND is ahead by 18.7 percentage points (GXE -93.6% against SAND -74.8%). Their daily returns move barely in opposite directions (correlation -0.02 across 363 shared trading days). GXE has been the more volatile of the two, at 366% annualised against SAND's 103%.
GXESAND
-0.02over 363 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 | GXE | SAND |
|---|---|---|
| Max drawdown (400d) | -97.8% | -88.4% |
| Risk-adjusted return (90d) | -0.14 | 0.07 |
| Best 30 days (past year) | — | +94.1% |
| Worst 30 days (past year) | — | -48.8% |
Relative strength over 90 days: SAND outperformed GXE by 84.5% — measured on the GXE/SAND ratio, so it holds regardless of market direction.