Unibase (UB) is 18.5× the size of Perle (PRL) by market capitalisation. Their daily returns move loosely together (correlation 0.37 across 40 shared trading days). PRL has been the more volatile of the two, at 128% annualised against UB's 101%.
PRLUB
0.37over 40 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 | PRL | UB |
|---|---|---|
| Max drawdown (400d) | -81.6% | -31.0% |
| Risk-adjusted return (90d) | -0.39 | -0.09 |
Relative strength over 90 days: UB outperformed PRL by 78.1% — measured on the PRL/UB ratio, so it holds regardless of market direction.