Pendle (PENDLE) is 26.6× the size of KernelDAO (KERNEL) by market capitalisation. Over the past 1 year, PENDLE is ahead by 21.3 percentage points (KERNEL -57.0% against PENDLE -35.7%). Their daily returns move loosely together (correlation 0.44 across 399 shared trading days). KERNEL has been the more volatile of the two, at 109% annualised against PENDLE's 94%.
KERNELPENDLE
0.44over 399 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 | KERNEL | PENDLE |
|---|---|---|
| Max drawdown (400d) | -86.2% | -79.8% |
| Risk-adjusted return (90d) | 0.41 | 0.30 |
| Best 30 days (past year) | +79.7% | +103.0% |
| Worst 30 days (past year) | -48.1% | -51.2% |
Relative strength over 90 days: KERNEL outperformed PENDLE by 11.5% — measured on the KERNEL/PENDLE ratio, so it holds regardless of market direction.