Pendle (PENDLE) is 15087.9× the size of 88mph (MPH) by market capitalisation. Their daily returns move loosely together (correlation 0.44 across 192 shared trading days). Both have run at a similar volatility, around 92% annualised.
MPHPENDLE
0.44over 192 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 | MPH | PENDLE |
|---|---|---|
| Max drawdown (400d) | -60.0% | -79.8% |
| Risk-adjusted return (90d) | 0.10 | 0.23 |
| Best 30 days (past year) | — | +103.0% |
| Worst 30 days (past year) | — | -51.2% |
Relative strength over 90 days: PENDLE outperformed MPH by 27.0% — measured on the MPH/PENDLE ratio, so it holds regardless of market direction.