Pudgy Penguins (PENGU) is 16580.6× the size of gugugaga (咕咕嘎嘎) by market capitalisation. Their daily returns move barely together (correlation 0.04 across 36 shared trading days). Both have run at a similar volatility, around 103% annualised.
咕咕嘎嘎PENGU
0.04over 36 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 | 咕咕嘎嘎 | PENGU |
|---|---|---|
| Max drawdown (400d) | -35.3% | -82.4% |
| Risk-adjusted return (90d) | -0.31 | 0.07 |
| Best 30 days (past year) | — | +74.9% |
| Worst 30 days (past year) | — | -55.1% |
Relative strength over 90 days: 咕咕嘎嘎 outperformed PENGU by 0.5% — measured on the 咕咕嘎嘎/PENGU ratio, so it holds regardless of market direction.