Spot (SPOT) and Pendle (PENDLE) compared side by side. Their daily returns move barely together (correlation 0.08 across 32 shared trading days). SPOT has been the more volatile of the two, at 135% annualised against PENDLE's 94%.
SPOTPENDLE
0.08over 32 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 | SPOT | PENDLE |
|---|---|---|
| Max drawdown (400d) | -38.4% | -79.8% |
| Risk-adjusted return (90d) | -0.25 | 0.30 |
| Best 30 days (past year) | — | +103.0% |
| Worst 30 days (past year) | — | -51.2% |
Relative strength over 90 days: PENDLE outperformed SPOT by 10.3% — measured on the SPOT/PENDLE ratio, so it holds regardless of market direction.