Pendle (PENDLE) is 94.6× the size of Swell (SWELL) by market capitalisation. Over the past 1 year, PENDLE is ahead by 56.8 percentage points (SWELL -92.5% against PENDLE -35.7%). Their daily returns move barely together (correlation 0.26 across 373 shared trading days). SWELL has been the more volatile of the two, at 140% annualised against PENDLE's 94%.
SWELLPENDLE
0.26over 373 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 | SWELL | PENDLE |
|---|---|---|
| Max drawdown (400d) | -93.6% | -79.8% |
| Risk-adjusted return (90d) | -0.08 | 0.30 |
| Best 30 days (past year) | +64.4% | +103.0% |
| Worst 30 days (past year) | -60.0% | -51.2% |
Relative strength over 90 days: PENDLE outperformed SWELL by 22.8% — measured on the SWELL/PENDLE ratio, so it holds regardless of market direction.