Pudgy Penguins (PENGU) is 57972.7× the size of TeamWater (WATER) by market capitalisation. Their daily returns move loosely together (correlation 0.43 across 27 shared trading days). PENGU has been the more volatile of the two, at 104% annualised against WATER's 44%.
WATERPENGU
0.43over 27 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 | WATER | PENGU |
|---|---|---|
| Max drawdown (400d) | -29.6% | -82.4% |
| Risk-adjusted return (90d) | -0.63 | 0.21 |
| Best 30 days (past year) | — | +74.9% |
| Worst 30 days (past year) | — | -55.1% |
Relative strength over 90 days: PENGU outperformed WATER by 6.1% — measured on the WATER/PENGU ratio, so it holds regardless of market direction.