PCM (PCM) and SKALE (SKL) compared side by side. Their daily returns move loosely in opposite directions (correlation -0.35 across 26 shared trading days). SKL has been the more volatile of the two, at 89% annualised against PCM's 35%.
PCMSKL
-0.35over 26 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 | PCM | SKL |
|---|---|---|
| Max drawdown (400d) | -20.7% | -87.2% |
| Risk-adjusted return (90d) | -0.59 | 0.13 |
| Best 30 days (past year) | — | +46.6% |
| Worst 30 days (past year) | — | -47.2% |
Relative strength over 90 days: SKL outperformed PCM by 7.5% — measured on the PCM/SKL ratio, so it holds regardless of market direction.