PunkStrategy (PNKSTR) is 36.7× the size of Punk Auction (PAST) by market capitalisation. Their daily returns move barely together (correlation 0.02 across 21 shared trading days). PAST has been the more volatile of the two, at 922% annualised against PNKSTR's 213%.
PASTPNKSTR
0.02over 21 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 | PAST | PNKSTR |
|---|---|---|
| Max drawdown (400d) | -91.7% | -53.5% |
| Risk-adjusted return (90d) | -0.02 | 0.09 |
Relative strength over 90 days: PNKSTR outperformed PAST by 13.1% — measured on the PAST/PNKSTR ratio, so it holds regardless of market direction.