NOVA (SN68) is 97.1× the size of Welshare Health Token (WEL) by market capitalisation. Their daily returns move loosely together (correlation 0.49 across 20 shared trading days). SN68 has been the more volatile of the two, at 97% annualised against WEL's 82%.
WELSN68
0.49over 20 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 | WEL | SN68 |
|---|---|---|
| Max drawdown (400d) | -72.2% | -18.3% |
| Risk-adjusted return (90d) | -0.27 | 0.16 |
Relative strength over 90 days: SN68 outperformed WEL by 13.1% — measured on the WEL/SN68 ratio, so it holds regardless of market direction.