Subnet 80 (SN80) and Aero (AERO) compared side by side. Their daily returns move barely together (correlation 0.35 across 44 shared trading days). SN80 has been the more volatile of the two, at 120% annualised against AERO's 101%.
SN80AERO
0.35over 44 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 | SN80 | AERO |
|---|---|---|
| Max drawdown (400d) | -69.3% | -54.2% |
| Risk-adjusted return (90d) | -0.58 | 0.06 |
Relative strength over 90 days: AERO outperformed SN80 by 41.4% — measured on the SN80/AERO ratio, so it holds regardless of market direction.