Fusionist (ACE) is 627.3× the size of Pankito (PAN) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.04 across 190 shared trading days). ACE has been the more volatile of the two, at 187% annualised against PAN's 16%.
PANACE
-0.04over 190 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 | ACE |
|---|---|---|
| Max drawdown (400d) | -2.4% | -87.1% |
| Risk-adjusted return (90d) | 0.89 | 0.03 |
| Best 30 days (past year) | — | +260.6% |
| Worst 30 days (past year) | — | -43.3% |
Relative strength over 90 days: ACE outperformed PAN by 23.2% — measured on the PAN/ACE ratio, so it holds regardless of market direction.