Pendle (PENDLE) is 381.7× the size of Shadow Liquid Staking Token (X33) by market capitalisation. Their daily returns move barely together (correlation 0.25 across 39 shared trading days). X33 has been the more volatile of the two, at 120% annualised against PENDLE's 94%.
$2.3300
X33PENDLE
0.25over 39 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 | X33 | PENDLE |
|---|---|---|
| Max drawdown (400d) | -30.8% | -79.8% |
| Risk-adjusted return (90d) | 0.09 | 0.30 |
| Best 30 days (past year) | — | +103.0% |
| Worst 30 days (past year) | — | -51.2% |
Relative strength over 90 days: X33 outperformed PENDLE by 11.7% — measured on the X33/PENDLE ratio, so it holds regardless of market direction.