Pudgy Penguins (PENGU) is 59496.3× the size of SPX6969 (SPX6969) by market capitalisation. Their daily returns move loosely together (correlation 0.42 across 22 shared trading days). PENGU has been the more volatile of the two, at 104% annualised against SPX6969's 80%.
SPX6969PENGU
0.42over 22 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 | SPX6969 | PENGU |
|---|---|---|
| Max drawdown (400d) | -23.2% | -82.4% |
| Risk-adjusted return (90d) | -0.14 | 0.21 |
| Best 30 days (past year) | — | +74.9% |
| Worst 30 days (past year) | — | -55.1% |
Relative strength over 90 days: SPX6969 outperformed PENGU by 15.5% — measured on the SPX6969/PENGU ratio, so it holds regardless of market direction.