Targon (SN4) is 1.8× the size of affine (SN120) by market capitalisation. Over the past 30 days, SN4 is ahead by 14.2 percentage points (SN4 -1.0% against SN120 -15.2%). Their daily returns move very closely together (correlation 0.92 across 53 shared trading days). Both have run at a similar volatility, around 125% annualised.
SN4SN120
0.92over 53 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 | SN4 | SN120 |
|---|---|---|
| Max drawdown (400d) | -24.4% | -37.7% |
| Risk-adjusted return (90d) | 0.21 | -0.13 |
Relative strength over 90 days: SN4 outperformed SN120 by 38.5% — measured on the SN4/SN120 ratio, so it holds regardless of market direction.