Kleros (PNK) is 1.5× the size of AUGUR (REPV2_YES_1) by market capitalisation. Over the past 30 days, PNK is ahead by 8.7 percentage points (REPV2_YES_1 -10.1% against PNK -1.4%). Their daily returns move barely together (correlation 0.04 across 39 shared trading days). REPV2_YES_1 has been the more volatile of the two, at 71% annualised against PNK's 17%.
REPV2_YES_1PNK
0.04over 39 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 | REPV2_YES_1 | PNK |
|---|---|---|
| Max drawdown (400d) | -22.7% | -2.9% |
| Risk-adjusted return (90d) | -0.17 | -0.03 |
Relative strength over 90 days: PNK outperformed REPV2_YES_1 by 13.1% — measured on the REPV2_YES_1/PNK ratio, so it holds regardless of market direction.