Brett (BRETT) is 902.8× the size of Poncho (PONCHO) by market capitalisation. Their daily returns move barely together (correlation 0.16 across 33 shared trading days). PONCHO has been the more volatile of the two, at 157% annualised against BRETT's 100%.
PONCHOBRETT
0.16over 33 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 | PONCHO | BRETT |
|---|---|---|
| Max drawdown (400d) | -77.4% | -31.9% |
| Risk-adjusted return (90d) | -0.20 | -0.04 |
Relative strength over 90 days: PONCHO outperformed BRETT by 2.1% — measured on the PONCHO/BRETT ratio, so it holds regardless of market direction.