Chutes (SN64) is 3.3× the size of τemplar (SN3) by market capitalisation. Over the past 30 days, SN64 is ahead by 20.7 percentage points (SN3 -27.6% against SN64 -6.9%). Their daily returns move very closely together (correlation 0.91 across 50 shared trading days). Both have run at a similar volatility, around 133% annualised.
SN3SN64
0.91over 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 | SN64 |
|---|---|---|
| Max drawdown (400d) | -47.3% | -32.6% |
| Risk-adjusted return (90d) | -0.14 | 0.00 |
Relative strength over 90 days: SN64 outperformed SN3 by 5.9% — measured on the SN3/SN64 ratio, so it holds regardless of market direction.