Pudgy Penguins (PENGU) is 20500.2× the size of Itty Bitty (ITTY) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.53 across 31 shared trading days). ITTY has been the more volatile of the two, at 200% annualised against PENGU's 104%.
ITTYPENGU
-0.53over 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 | ITTY | PENGU |
|---|---|---|
| Max drawdown (400d) | -45.7% | -82.4% |
| Risk-adjusted return (90d) | -0.09 | 0.07 |
| Best 30 days (past year) | — | +74.9% |
| Worst 30 days (past year) | — | -55.1% |
Relative strength over 90 days: ITTY outperformed PENGU by 19.8% — measured on the ITTY/PENGU ratio, so it holds regardless of market direction.