Pudgy Penguins (PENGU) is 929.4× the size of AU79 (AU79) by market capitalisation. Their daily returns move loosely together (correlation 0.59 across 40 shared trading days). AU79 has been the more volatile of the two, at 177% annualised against PENGU's 104%.
AU79PENGU
0.59over 40 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 | AU79 | PENGU |
|---|---|---|
| Max drawdown (400d) | -64.6% | -82.4% |
| Risk-adjusted return (90d) | -0.37 | 0.21 |
| Best 30 days (past year) | — | +74.9% |
| Worst 30 days (past year) | — | -55.1% |
Relative strength over 90 days: PENGU outperformed AU79 by 57.6% — measured on the AU79/PENGU ratio, so it holds regardless of market direction.