Pendle (PENDLE) is 10.6× the size of BENQI (QI) by market capitalisation. Over the past 1 year, PENDLE is ahead by 23.4 percentage points (QI -59.1% against PENDLE -35.7%). Their daily returns move barely together (correlation 0.27 across 399 shared trading days). QI has been the more volatile of the two, at 164% annualised against PENDLE's 94%.
QIPENDLE
0.27over 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 | QI | PENDLE |
|---|---|---|
| Max drawdown (400d) | -87.5% | -79.8% |
| Risk-adjusted return (90d) | 0.17 | 0.30 |
| Best 30 days (past year) | +166.5% | +103.0% |
| Worst 30 days (past year) | -44.8% | -51.2% |
Relative strength over 90 days: QI outperformed PENDLE by 19.6% — measured on the QI/PENDLE ratio, so it holds regardless of market direction.