Copper (XCU) and Palladium (XPD) compared side by side. Over the past 90 days, XCU is ahead by 30.6 percentage points (XCU +4.3% against XPD -26.3%). Their daily returns move loosely together (correlation 0.57 across 279 shared trading days). XPD has been the more volatile of the two, at 66% annualised against XCU's 33%.
XCUXPD
0.57over 279 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 | XCU | XPD |
|---|---|---|
| Max drawdown (400d) | -13.5% | -57.1% |
| Risk-adjusted return (90d) | 0.17 | -0.56 |
Relative strength over 90 days: XCU outperformed XPD by 41.5% — measured on the XCU/XPD ratio, so it holds regardless of market direction.