lium (SN51) is 4.5× the size of τemplar (SN3) by market capitalisation. Over the past 30 days, SN51 is ahead by 43.8 percentage points (SN3 -27.6% against SN51 +16.1%). Their daily returns move closely together (correlation 0.75 across 50 shared trading days). Both have run at a similar volatility, around 133% annualised.
SN3SN51
0.75over 50 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 | SN3 | SN51 |
|---|---|---|
| Max drawdown (400d) | -47.3% | -19.1% |
| Risk-adjusted return (90d) | -0.14 | 0.59 |
Relative strength over 90 days: SN51 outperformed SN3 by 42.9% — measured on the SN3/SN51 ratio, so it holds regardless of market direction.