cPen (CPEN) and Pi Network (PI) compared side by side. Over the past 30 days, PI is ahead by 15.3 percentage points (CPEN -35.0% against PI -19.6%). Their daily returns move barely in opposite directions (correlation -0.15 across 23 shared trading days). CPEN has been the more volatile of the two, at 117% annualised against PI's 41%.
CPENPI
-0.15over 23 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 | CPEN | PI |
|---|---|---|
| Max drawdown (400d) | -47.1% | -23.1% |
| Risk-adjusted return (90d) | -0.34 | -0.26 |
Relative strength over 90 days: PI outperformed CPEN by 32.9% — measured on the CPEN/PI ratio, so it holds regardless of market direction.