Pearl (PEARL) is 2725.1× the size of Nuklai (NAI) by market capitalisation. Their daily returns move closely in opposite directions (correlation -0.64 across 29 shared trading days). PEARL has been the more volatile of the two, at 389% annualised against NAI's 131%.
NAIPEARL
-0.64over 29 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 | NAI | PEARL |
|---|---|---|
| Max drawdown (400d) | -72.4% | -40.3% |
| Risk-adjusted return (90d) | -0.35 | 1.24 |
Relative strength over 90 days: PEARL outperformed NAI by 87.6% — measured on the NAI/PEARL ratio, so it holds regardless of market direction.