Numeraire (NMR) is 28.4× the size of Sato (SATO) by market capitalisation. Their daily returns move barely together (correlation 0.12 across 39 shared trading days). SATO has been the more volatile of the two, at 386% annualised against NMR's 91%.
SATONMR
0.12over 39 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 | SATO | NMR |
|---|---|---|
| Max drawdown (400d) | -100.0% | -63.3% |
| Risk-adjusted return (90d) | -0.26 | 0.10 |
| Best 30 days (past year) | — | +70.5% |
| Worst 30 days (past year) | — | -30.0% |
Relative strength over 90 days: NMR outperformed SATO by 100.0% — measured on the SATO/NMR ratio, so it holds regardless of market direction.