Pendle (PENDLE) is 3121.1× the size of Restake Finance (RSTK) by market capitalisation. Their daily returns move loosely together (correlation 0.38 across 21 shared trading days). PENDLE has been the more volatile of the two, at 94% annualised against RSTK's 46%.
RSTKPENDLE
0.38over 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 | RSTK | PENDLE |
|---|---|---|
| Max drawdown (400d) | -18.2% | -79.8% |
| Risk-adjusted return (90d) | -0.34 | 0.37 |
| Best 30 days (past year) | — | +103.0% |
| Worst 30 days (past year) | — | -51.2% |
Relative strength over 90 days: RSTK outperformed PENDLE by 12.0% — measured on the RSTK/PENDLE ratio, so it holds regardless of market direction.