Pendle (PENDLE) is 19.6× the size of Capricorn (APR) by market capitalisation. Their daily returns move barely together (correlation 0.27 across 50 shared trading days). APR has been the more volatile of the two, at 361% annualised against PENDLE's 94%.
APRPENDLE
0.27over 50 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 | APR | PENDLE |
|---|---|---|
| Max drawdown (400d) | -91.6% | -79.8% |
| Risk-adjusted return (90d) | -0.23 | 0.30 |
| Best 30 days (past year) | — | +103.0% |
| Worst 30 days (past year) | — | -51.2% |
Relative strength over 90 days: PENDLE outperformed APR by 82.7% — measured on the APR/PENDLE ratio, so it holds regardless of market direction.