Pudgy Penguins (PENGU) is 996.2× the size of Strategic Super Reserve (SSR) by market capitalisation. Their daily returns move loosely together (correlation 0.44 across 39 shared trading days). SSR has been the more volatile of the two, at 139% annualised against PENGU's 104%.
SSRPENGU
0.44over 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 | SSR | PENGU |
|---|---|---|
| Max drawdown (400d) | -46.9% | -82.4% |
| Risk-adjusted return (90d) | -0.25 | 0.13 |
| Best 30 days (past year) | — | +74.9% |
| Worst 30 days (past year) | — | -55.1% |
Relative strength over 90 days: PENGU outperformed SSR by 20.1% — measured on the SSR/PENGU ratio, so it holds regardless of market direction.