Pudgy Penguins (PENGU) is 638.8× the size of Mochi (MOCHI) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.49 across 39 shared trading days). MOCHI has been the more volatile of the two, at 888% annualised against PENGU's 104%.
MOCHIPENGU
-0.49over 39 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 | MOCHI | PENGU |
|---|---|---|
| Max drawdown (400d) | -41.0% | -82.4% |
| Risk-adjusted return (90d) | 0.14 | 0.13 |
| Best 30 days (past year) | — | +74.9% |
| Worst 30 days (past year) | — | -55.1% |
Relative strength over 90 days: MOCHI outperformed PENGU by 177.0% — measured on the MOCHI/PENGU ratio, so it holds regardless of market direction.