Pudgy Penguins (PENGU) is 17678.4× the size of Perpetual Cow (COW) by market capitalisation. Their daily returns move barely together (correlation 0.30 across 184 shared trading days). COW has been the more volatile of the two, at 180% annualised against PENGU's 104%.
COWPENGU
0.30over 184 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 | COW | PENGU |
|---|---|---|
| Max drawdown (400d) | -99.4% | -82.4% |
| Risk-adjusted return (90d) | -0.58 | 0.07 |
| Best 30 days (past year) | — | +74.9% |
| Worst 30 days (past year) | — | -55.1% |
Relative strength over 90 days: PENGU outperformed COW by 54.8% — measured on the COW/PENGU ratio, so it holds regardless of market direction.