Pendle (PENDLE) is 13.2× the size of Whiteheart (WHITE) by market capitalisation. Their daily returns move loosely together (correlation 0.56 across 123 shared trading days). WHITE has been the more volatile of the two, at 126% annualised against PENDLE's 94%.
WHITEPENDLE
0.56over 123 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 | WHITE | PENDLE |
|---|---|---|
| Max drawdown (400d) | -66.4% | -79.8% |
| Risk-adjusted return (90d) | -0.35 | 0.30 |
| Best 30 days (past year) | — | +103.0% |
| Worst 30 days (past year) | — | -51.2% |
Relative strength over 90 days: PENDLE outperformed WHITE by 43.7% — measured on the WHITE/PENDLE ratio, so it holds regardless of market direction.