Pendle (PENDLE) is 21.2× the size of Solayer (LAYER) by market capitalisation. Over the past 1 year, PENDLE is ahead by 37.7 percentage points (LAYER -73.4% against PENDLE -35.7%). Their daily returns move loosely together (correlation 0.48 across 399 shared trading days). Both have run at a similar volatility, around 94% annualised.
LAYERPENDLE
0.48over 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 | LAYER | PENDLE |
|---|---|---|
| Max drawdown (400d) | -86.7% | -79.8% |
| Risk-adjusted return (90d) | -0.09 | 0.30 |
| Best 30 days (past year) | +49.4% | +103.0% |
| Worst 30 days (past year) | -56.7% | -51.2% |
Relative strength over 90 days: PENDLE outperformed LAYER by 24.5% — measured on the LAYER/PENDLE ratio, so it holds regardless of market direction.