Pendle (PENDLE) is 629.6× the size of Amnis Finance (AMI) by market capitalisation. Their daily returns move barely together (correlation 0.32 across 31 shared trading days). AMI has been the more volatile of the two, at 185% annualised against PENDLE's 94%.
AMIPENDLE
0.32over 31 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 | AMI | PENDLE |
|---|---|---|
| Max drawdown (400d) | -43.4% | -79.8% |
| Risk-adjusted return (90d) | -0.23 | 0.37 |
| Best 30 days (past year) | — | +103.0% |
| Worst 30 days (past year) | — | -51.2% |
Relative strength over 90 days: PENDLE outperformed AMI by 56.5% — measured on the AMI/PENDLE ratio, so it holds regardless of market direction.