The Sandbox (SAND) is 461.8× the size of RFOX (RFOX) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.35 across 35 shared trading days). SAND has been the more volatile of the two, at 103% annualised against RFOX's 77%.
RFOXSAND
-0.35over 35 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 | RFOX | SAND |
|---|---|---|
| Max drawdown (400d) | -25.1% | -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 RFOX by 11.1% — measured on the RFOX/SAND ratio, so it holds regardless of market direction.