Pendle (PENDLE) is 81.5× the size of ALEX Lab (ALEX) by market capitalisation. Over the past 1 year, ALEX is ahead by 21.0 percentage points (ALEX -10.9% against PENDLE -31.9%). Their daily returns move barely together (correlation 0.30 across 362 shared trading days). ALEX has been the more volatile of the two, at 138% annualised against PENDLE's 94%.
ALEXPENDLE
0.30over 362 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 | ALEX | PENDLE |
|---|---|---|
| Max drawdown (400d) | -90.1% | -79.8% |
| Risk-adjusted return (90d) | 1.31 | 0.37 |
| Best 30 days (past year) | — | +103.0% |
| Worst 30 days (past year) | — | -51.2% |
Relative strength over 90 days: ALEX outperformed PENDLE by 44.9% — measured on the ALEX/PENDLE ratio, so it holds regardless of market direction.