Powerledger (POWR) is 25.9× the size of Green (GREEN) by market capitalisation. Their daily returns move barely together (correlation 0.13 across 31 shared trading days). GREEN has been the more volatile of the two, at 177% annualised against POWR's 70%.
GREENPOWR
0.13over 31 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 | GREEN | POWR |
|---|---|---|
| Max drawdown (400d) | -65.4% | -76.3% |
| Risk-adjusted return (90d) | -0.34 | 0.53 |
| Best 30 days (past year) | — | +75.1% |
| Worst 30 days (past year) | — | -33.8% |
Relative strength over 90 days: POWR outperformed GREEN by 72.8% — measured on the GREEN/POWR ratio, so it holds regardless of market direction.