Pendle (PENDLE) is 274.6× the size of Veno Finance (VNO) by market capitalisation. Over the past 1 year, PENDLE is ahead by 50.4 percentage points (VNO -86.0% against PENDLE -35.7%). Their daily returns move barely together (correlation 0.29 across 373 shared trading days). Both have run at a similar volatility, around 91% annualised.
VNOPENDLE
0.29over 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 | VNO | PENDLE |
|---|---|---|
| Max drawdown (400d) | -87.8% | -79.8% |
| Risk-adjusted return (90d) | -0.36 | 0.30 |
| Best 30 days (past year) | +41.4% | +103.0% |
| Worst 30 days (past year) | -41.4% | -51.2% |
Relative strength over 90 days: PENDLE outperformed VNO by 46.9% — measured on the VNO/PENDLE ratio, so it holds regardless of market direction.