Pudgy Penguins (PENGU) is 25043.5× the size of 4547 (4547) by market capitalisation. Their daily returns move barely together (correlation 0.05 across 35 shared trading days). PENGU has been the more volatile of the two, at 104% annualised against 4547's 43%.
4547PENGU
0.05over 35 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 | 4547 | PENGU |
|---|---|---|
| Max drawdown (400d) | -28.1% | -82.4% |
| Risk-adjusted return (90d) | -0.57 | 0.21 |
| Best 30 days (past year) | — | +74.9% |
| Worst 30 days (past year) | — | -55.1% |
Relative strength over 90 days: PENGU outperformed 4547 by 2.5% — measured on the 4547/PENGU ratio, so it holds regardless of market direction.