Pudgy Penguins (PENGU) is 108880.6× the size of น้องวัน (Nong Wan) (WAN) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.18 across 23 shared trading days). Both have run at a similar volatility, around 108% annualised.
WANPENGU
-0.18over 23 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 | WAN | PENGU |
|---|---|---|
| Max drawdown (400d) | -43.0% | -82.4% |
| Risk-adjusted return (90d) | -0.38 | 0.21 |
| Best 30 days (past year) | — | +74.9% |
| Worst 30 days (past year) | — | -55.1% |
Relative strength over 90 days: PENGU outperformed WAN by 25.9% — measured on the WAN/PENGU ratio, so it holds regardless of market direction.