Aerodrome Finance (AERO) is 12.4× the size of Peapods Finance (PEAS) by market capitalisation. Their daily returns move loosely together (correlation 0.37 across 41 shared trading days). AERO has been the more volatile of the two, at 101% annualised against PEAS's 43%.
PEASAERO
0.37over 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 | PEAS | AERO |
|---|---|---|
| Max drawdown (400d) | -10.8% | -36.4% |
| Risk-adjusted return (90d) | -0.14 | 0.44 |
Relative strength over 90 days: AERO outperformed PEAS by 26.2% — measured on the PEAS/AERO ratio, so it holds regardless of market direction.