Pump.fun (PUMP) is 797.1× the size of Perpetual Protocol (PERP) by market capitalisation. Their daily returns move barely together (correlation 0.22 across 46 shared trading days). PERP has been the more volatile of the two, at 271% annualised against PUMP's 127%.
PERPPUMP
0.22over 46 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 | PERP | PUMP |
|---|---|---|
| Max drawdown (400d) | -94.1% | -83.1% |
| Risk-adjusted return (90d) | -0.35 | 0.55 |
| Best 30 days (past year) | — | +185.0% |
| Worst 30 days (past year) | — | -43.2% |
Relative strength over 90 days: PUMP outperformed PERP by 89.3% — measured on the PERP/PUMP ratio, so it holds regardless of market direction.