Pendle (PENDLE) is 65.0× the size of Cygnus (CGN) by market capitalisation. Over the past 1 year, PENDLE is ahead by 55.6 percentage points (CGN -91.3% against PENDLE -35.7%). Their daily returns move barely together (correlation 0.07 across 351 shared trading days). Both have run at a similar volatility, around 100% annualised.
CGNPENDLE
0.07over 351 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 | CGN | PENDLE |
|---|---|---|
| Max drawdown (400d) | -92.2% | -79.8% |
| Risk-adjusted return (90d) | -0.30 | 0.30 |
| Best 30 days (past year) | — | +103.0% |
| Worst 30 days (past year) | — | -51.2% |
Relative strength over 90 days: PENDLE outperformed CGN by 23.4% — measured on the CGN/PENDLE ratio, so it holds regardless of market direction.