Phenom (PHNM) and Shuffle (SHFL) compared side by side. Over the past 30 days, SHFL is ahead by 25.7 percentage points (PHNM -1.1% against SHFL +24.6%). Their daily returns move barely in opposite directions (correlation -0.01 across 22 shared trading days). SHFL has been the more volatile of the two, at 173% annualised against PHNM's 113%.
PHNMSHFL
-0.01over 22 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 | PHNM | SHFL |
|---|---|---|
| Max drawdown (400d) | -22.0% | -41.4% |
| Risk-adjusted return (90d) | -0.02 | 0.19 |
Relative strength over 90 days: PHNM outperformed SHFL by 14.5% — measured on the PHNM/SHFL ratio, so it holds regardless of market direction.