Pendle (PENDLE) is 11.9× the size of Origin Token (OGN) by market capitalisation. Over the past 1 year, PENDLE is ahead by 6.1 percentage points (OGN -41.8% against PENDLE -35.7%). Their daily returns move barely together (correlation 0.24 across 399 shared trading days). OGN has been the more volatile of the two, at 135% annualised against PENDLE's 94%.
OGNPENDLE
0.24over 399 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 | OGN | PENDLE |
|---|---|---|
| Max drawdown (400d) | -77.3% | -79.8% |
| Risk-adjusted return (90d) | 0.26 | 0.30 |
| Best 30 days (past year) | +145.5% | +103.0% |
| Worst 30 days (past year) | -38.2% | -51.2% |
Relative strength over 90 days: OGN outperformed PENDLE by 24.7% — measured on the OGN/PENDLE ratio, so it holds regardless of market direction.