Pendle (PENDLE) is 5.0× the size of Babylon (BABY) by market capitalisation. Over the past 1 year, PENDLE is ahead by 15.7 percentage points (BABY -51.4% against PENDLE -35.7%). Their daily returns move barely together (correlation 0.33 across 399 shared trading days). BABY has been the more volatile of the two, at 111% annualised against PENDLE's 94%.
BABYPENDLE
0.33over 399 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 | BABY | PENDLE |
|---|---|---|
| Max drawdown (400d) | -83.3% | -79.8% |
| Risk-adjusted return (90d) | 0.09 | 0.30 |
| Best 30 days (past year) | +50.6% | +103.0% |
| Worst 30 days (past year) | -46.1% | -51.2% |
Relative strength over 90 days: PENDLE outperformed BABY by 13.7% — measured on the BABY/PENDLE ratio, so it holds regardless of market direction.