Pendle (PENDLE) is 62.2× the size of Hatom (HTM) by market capitalisation. Over the past 1 year, HTM is ahead by 16.3 percentage points (HTM -19.4% against PENDLE -35.7%). Their daily returns move loosely together (correlation 0.36 across 373 shared trading days). Both have run at a similar volatility, around 98% annualised.
HTMPENDLE
0.36over 373 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 | HTM | PENDLE |
|---|---|---|
| Max drawdown (400d) | -81.7% | -79.8% |
| Risk-adjusted return (90d) | 2.25 | 0.30 |
| Best 30 days (past year) | +109.6% | +103.0% |
| Worst 30 days (past year) | -44.2% | -51.2% |
Relative strength over 90 days: HTM outperformed PENDLE by 193.3% — measured on the HTM/PENDLE ratio, so it holds regardless of market direction.