Penpie (PNP) is 1.8× the size of Yelay (YLAY) by market capitalisation. Over the past 30 days, PNP is ahead by 105.2 percentage points (PNP +71.5% against YLAY -33.7%). Their daily returns move barely together (correlation 0.11 across 31 shared trading days). Both have run at a similar volatility, around 108% annualised.
PNPYLAY
0.11over 31 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 | PNP | YLAY |
|---|---|---|
| Max drawdown (400d) | -9.0% | -38.1% |
| Risk-adjusted return (90d) | 0.68 | -0.30 |
Relative strength over 90 days: PNP outperformed YLAY by 59.0% — measured on the PNP/YLAY ratio, so it holds regardless of market direction.