Pudgy Penguins (PENGU) is 104.6× the size of Manifesting (MANIFEST) by market capitalisation. Their daily returns move closely together (correlation 0.65 across 32 shared trading days). MANIFEST has been the more volatile of the two, at 269% annualised against PENGU's 104%.
MANIFESTPENGU
0.65over 32 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 | MANIFEST | PENGU |
|---|---|---|
| Max drawdown (400d) | -73.1% | -82.4% |
| Risk-adjusted return (90d) | -0.26 | 0.13 |
| Best 30 days (past year) | — | +74.9% |
| Worst 30 days (past year) | — | -55.1% |
Relative strength over 90 days: PENGU outperformed MANIFEST by 63.0% — measured on the MANIFEST/PENGU ratio, so it holds regardless of market direction.