Audiera (BEAT) is 1425.0× the size of Pankito (PAN) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.04 across 41 shared trading days). BEAT has been the more volatile of the two, at 153% annualised against PAN's 16%.
PANBEAT
-0.04over 41 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 | PAN | BEAT |
|---|---|---|
| Max drawdown (400d) | -2.4% | -50.3% |
| Risk-adjusted return (90d) | 0.89 | -0.14 |
Relative strength over 90 days: PAN outperformed BEAT by 38.1% — measured on the PAN/BEAT ratio, so it holds regardless of market direction.