Pudgy Penguins (PENGU) is 20191.9× the size of Million Airdrop (MAD) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.06 across 24 shared trading days). MAD has been the more volatile of the two, at 148% annualised against PENGU's 104%.
MADPENGU
-0.06over 24 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 | MAD | PENGU |
|---|---|---|
| Max drawdown (400d) | -58.0% | -82.4% |
| Risk-adjusted return (90d) | -0.39 | 0.07 |
| Best 30 days (past year) | — | +74.9% |
| Worst 30 days (past year) | — | -55.1% |
Relative strength over 90 days: PENGU outperformed MAD by 43.8% — measured on the MAD/PENGU ratio, so it holds regardless of market direction.