Pudgy Penguins (PENGU) is 2465.9× the size of United States Water Reserve (USWR) by market capitalisation. Their daily returns move barely together (correlation 0.13 across 140 shared trading days). USWR has been the more volatile of the two, at 330% annualised against PENGU's 104%.
$0.000186
USWRPENGU
0.13over 140 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 | USWR | PENGU |
|---|---|---|
| Max drawdown (400d) | -99.4% | -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 USWR by 99.2% — measured on the USWR/PENGU ratio, so it holds regardless of market direction.