Pudgy Penguins (PENGU) is 964.6× the size of RONIN (RONIN) by market capitalisation. Over the past 1 year, PENGU is ahead by 29.4 percentage points (RONIN -83.5% against PENGU -54.1%). Their daily returns move loosely together (correlation 0.58 across 399 shared trading days). Both have run at a similar volatility, around 101% annualised.
RONINPENGU
0.58over 399 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 | RONIN | PENGU |
|---|---|---|
| Max drawdown (400d) | -90.5% | -82.4% |
| Risk-adjusted return (90d) | 0.00 | 0.13 |
| Best 30 days (past year) | +39.5% | +74.9% |
| Worst 30 days (past year) | -50.5% | -55.1% |
Relative strength over 90 days: PENGU outperformed RONIN by 11.9% — measured on the RONIN/PENGU ratio, so it holds regardless of market direction.