Pudgy Penguins (PENGU) is 50028.6× the size of The Chubby Elephant (ชั้ง) by market capitalisation. Their daily returns move barely together (correlation 0.11 across 33 shared trading days). PENGU has been the more volatile of the two, at 104% annualised against ชั้ง's 88%.
ชั้งPENGU
0.11over 33 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 | ชั้ง | PENGU |
|---|---|---|
| Max drawdown (400d) | -15.1% | -82.4% |
| Risk-adjusted return (90d) | -0.01 | 0.21 |
| Best 30 days (past year) | — | +74.9% |
| Worst 30 days (past year) | — | -55.1% |
Relative strength over 90 days: ชั้ง outperformed PENGU by 28.2% — measured on the ชั้ง/PENGU ratio, so it holds regardless of market direction.