Pendle (PENDLE) is 18.9× the size of Puffer (PUFFER) by market capitalisation. Over the past 1 year, PENDLE is ahead by 49.6 percentage points (PUFFER -81.5% against PENDLE -31.9%). Their daily returns move barely together (correlation 0.35 across 371 shared trading days). PUFFER has been the more volatile of the two, at 127% annualised against PENDLE's 94%.
PUFFERPENDLE
0.35over 371 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 | PUFFER | PENDLE |
|---|---|---|
| Max drawdown (400d) | -93.6% | -79.8% |
| Risk-adjusted return (90d) | 0.74 | 0.37 |
| Best 30 days (past year) | +142.9% | +103.0% |
| Worst 30 days (past year) | -50.8% | -51.2% |
Relative strength over 90 days: PUFFER outperformed PENDLE by 71.3% — measured on the PUFFER/PENDLE ratio, so it holds regardless of market direction.