affine (SN120) is 5.2× the size of Swarm (SN124) by market capitalisation. Over the past 30 days, SN124 is ahead by 23.2 percentage points (SN124 +3.5% against SN120 -19.7%). Their daily returns move closely together (correlation 0.79 across 26 shared trading days). Both have run at a similar volatility, around 114% annualised.
SN124SN120
0.79over 26 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 | SN124 | SN120 |
|---|---|---|
| Max drawdown (400d) | -22.1% | -37.7% |
| Risk-adjusted return (90d) | 0.03 | -0.16 |
Relative strength over 90 days: SN120 outperformed SN124 by 13.3% — measured on the SN124/SN120 ratio, so it holds regardless of market direction.