Pudgy Penguins (PENGU) is 302330.0× the size of 3lon (3LON) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.29 across 28 shared trading days). 3LON has been the more volatile of the two, at 457% annualised against PENGU's 104%.
3LONPENGU
-0.29over 28 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 | 3LON | PENGU |
|---|---|---|
| Max drawdown (400d) | -58.9% | -82.4% |
| Risk-adjusted return (90d) | -0.04 | 0.21 |
| Best 30 days (past year) | — | +74.9% |
| Worst 30 days (past year) | — | -55.1% |
Relative strength over 90 days: 3LON outperformed PENGU by 5.2% — measured on the 3LON/PENGU ratio, so it holds regardless of market direction.