Puffer (PUFFER) is 5.0× the size of Swell (SWELL) by market capitalisation. Over the past 1 year, PUFFER is ahead by 8.2 percentage points (SWELL -92.5% against PUFFER -84.3%). Their daily returns move barely together (correlation 0.29 across 371 shared trading days). Both have run at a similar volatility, around 134% annualised.
SWELLPUFFER
0.29over 371 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 | PUFFER |
|---|---|---|
| Max drawdown (400d) | -93.6% | -93.6% |
| Risk-adjusted return (90d) | -0.08 | 0.68 |
| Best 30 days (past year) | +64.4% | +142.9% |
| Worst 30 days (past year) | -60.0% | -50.8% |
Relative strength over 90 days: PUFFER outperformed SWELL by 53.4% — measured on the SWELL/PUFFER ratio, so it holds regardless of market direction.