AltLayer (ALT) is 1071.1× the size of Pell Network Token (PELL) by market capitalisation. Over the past 1 year, ALT is ahead by 27.4 percentage points (PELL -92.0% against ALT -64.6%). Their daily returns move barely together (correlation 0.11 across 363 shared trading days). Both have run at a similar volatility, around 99% annualised.
PELLALT
0.11over 363 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 | PELL | ALT |
|---|---|---|
| Max drawdown (400d) | -92.1% | -81.5% |
| Risk-adjusted return (90d) | -0.61 | -0.02 |
| Best 30 days (past year) | — | +71.8% |
| Worst 30 days (past year) | — | -43.9% |
Relative strength over 90 days: ALT outperformed PELL by 37.4% — measured on the PELL/ALT ratio, so it holds regardless of market direction.