Targon (SN4) is 6.1× the size of Tiger Alpha (SN107) by market capitalisation. Over the past 30 days, SN4 is ahead by 2.3 percentage points (SN107 -6.9% against SN4 -4.6%). Their daily returns move closely together (correlation 0.67 across 24 shared trading days). Both have run at a similar volatility, around 138% annualised.
SN107SN4
0.67over 24 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 | SN107 | SN4 |
|---|---|---|
| Max drawdown (400d) | -24.2% | -24.4% |
| Risk-adjusted return (90d) | -0.05 | 0.17 |
Relative strength over 90 days: SN4 outperformed SN107 by 23.8% — measured on the SN107/SN4 ratio, so it holds regardless of market direction.