Pendle (PENDLE) is 7701.6× the size of Pell Network Token (PELL) by market capitalisation. Over the past 1 year, PENDLE is ahead by 60.1 percentage points (PELL -92.0% against PENDLE -31.9%). Their daily returns move barely together (correlation 0.11 across 363 shared trading days). Both have run at a similar volatility, around 96% annualised.
PELLPENDLE
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 | PENDLE |
|---|---|---|
| Max drawdown (400d) | -92.1% | -79.8% |
| Risk-adjusted return (90d) | -0.61 | 0.37 |
| Best 30 days (past year) | — | +103.0% |
| Worst 30 days (past year) | — | -51.2% |
Relative strength over 90 days: PENDLE outperformed PELL by 49.8% — measured on the PELL/PENDLE ratio, so it holds regardless of market direction.